S&P Dow Jones Indices have decided to remove Adani Ports and Special Economic Zone Limited from Dow Jones Sustainability Indices due to the reported commercial relationship of the company with Myanmar's military.
The change will come into effect prior to the opening of the indices on Thursday.
In a statement, S&P Dow Jones Indices said that the decision was taken after an analysis was conducted on the company post the news reports over its alleged commercial link with the Myanmar military.
"Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law," said the statement.
On March 31, the company had said in a statement that media reports were misrepresenting the Adani Group's investments in Myanmar.
It noted that in 2020, APSEZ won the Yangon International Terminal project through a globally competitive bid.
The project fully owned and developed by APSEZ is an independent container terminal with no joint venture partners.
The statement said that the land acquisition for the project was facilitated by the Myanmar Investments Commission led by U Thaung Tun, it's Chairman and Minister of Investment and Foreign Economic Relations under former State Counsellor Aung San Suu Kyi's National League for Democracy government.
"As a responsible corporate our intention is to create investment-friendly opportunities in Myanmar through trade and commerce which will have a multiplier effect on job creation for the local communities and contribute towards the nation's economic and social development goals," it said.
"We condemn violations of the fundamental rights of all people and would continue to work with our partners and stakeholders, including business leaders, government and non-government organisations, to foster a business environment that respects human rights."
It also said that it is working with independent think tanks to ensure mitigation of human rights violations risks and building an equal opportunity platform through sustainable value creations powered by critical port infrastructure.
