Adani Group Tuesday said it has received approvals to develop a new container terminal in Myanmar as the diversified conglomerate spreads its port operations beyond Indian shores.
This will be Adani's second international port after Australia.
It said the investment does not breach Australian, US, UN or other international sanctions against Myanmar.
"Adani rejects insinuations that this investment is unethical or will compromise human rights," the group said in a statement. "As with all its international investments, the Adani Group has been guided by the Securities and Exchange Board of India and other key international guidelines and will inform the concerned authorities when we firm up the agreements."
"The new container port will enable Myanmar to bring further efficiencies to the nation's international trade by enabling cost-effective, high-volume imports and exports," it said. "This will benefit Myanmar's civil society by contributing to the nation's economic development and create more than 1,100 local jobs."
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