S&PDow Jones Indices have decided to remove Adani Ports and Special Economic ZoneLimited from Dow Jones Sustainability Indices due to the reported commercialrelationship of the company with Myanmar's military.
Thechange will come into effect prior to the opening of the indices on Thursday.
Ina statement, S&P Dow Jones Indices said that the decision was taken afteran analysis was conducted on the company post the news reports over its allegedcommercial link with the Myanmar military.
"AdaniPorts and Special Economic Zone will be removed from the Dow JonesSustainability Indices following a Media & Stakeholder Analysis triggeredby recent news events pointing to heightened risks to the company regardingtheir commercial relationship with Myanmar's military, who are alleged to havecommitted serious human rights abuses under international law," said thestatement.
OnMarch 31, the company had said in a statement that media reports weremisrepresenting the Adani Group's investments in Myanmar.
Itnoted that in 2020, APSEZ won the Yangon International Terminal project througha globally competitive bid.
Theproject fully owned and developed by APSEZ is an independent container terminalwith no joint venture partners.
Thestatement said that the land acquisition for the project was facilitated by theMyanmar Investments Commission led by U Thaung Tun, its Chairman and Ministerof Investment and Foreign Economic Relations under former State Counsellor AungSan Suu Kyi's National League for Democracy government.
"Asa responsible corporate our intention is to create investment-friendlyopportunities in Myanmar through trade and commerce which will have amultiplier effect on job creation for the local communities and contributetowards the nation's economic and social development goals," it said.
"Wecondemn violations of the fundamental rights of all people and would continueto work with our partners and stakeholders, including business leaders,government and non-government organisations, to foster a business environmentthat respects human rights."
Italso said that it is working with independent think tanks to ensure mitigationof human rights violations risks and building equal opportunity platformthrough sustainable value creations powered by critical port infrastructure.