Industry

KLP divests Adani stake on Myanmar army links

Norwegian pension fund KLP is divesting from Adani Ports and Special Economic Zone Ltd. on the grounds the firm’s links with the Myanmar military breach the fund’s responsible investment policy, KLP said.

Adani Ports has been under scrutiny from international investors over its project to build a container terminal in Yangon on land leased from a Myanmar military-owned conglomerate.

A military coup in Myanmar on February 1 and an ensuing crackdown on mass protests in which hundreds have been killed has drawn international condemnation and sanctions on military figures and military-controlled entities.

“Adani’s operations in Myanmar and its business partnership with that country’s armed forces constitutes an unacceptable risk of contributing to the violation of KLP’s guidelines forresponsible investment,” KLP said. The fund had an investment of $1.05 million in Adani Ports at the time of its decision, it told Reuters


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Printable version | Aug 4, 2021 6:34:54 AM | https://www.thehindu.com/business/Industry/klp-divests-adani-stake-on-myanmar-army-links/article34919975.ece

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