Adani Ports gets $290-mn investment approval in Myanmar

The Adani Group has received in-principle approval from the Myanmar government to invest $290 million to build and operate a container terminal along the Yangon River for 50-years. This will be the company's second overseas venture after the Abbot Point terminal in Queensland, Australia. On this score, Adani Yangon International Terminal Co Ltd (Adani), a unit of Adani Ports and Special Economic Zone Ltd (APSEZ), has been approved by MIC (Myanmar Investment Commission), which is a single-window approval authority under the civilian government spearheaded by the Minister for Investment and Foreign Economic Relations U Thaung Tun. The Ahlone International Port Terminal 2 (AIPT 2) will be developed over 54 acres in Myanmar’s commercial capital Yangon. As part of the deal, Adani will set-up a maritime university to upgrade skills and build infrastructure such as waterways and other transport facilities to drive economic development in the region. The terminal will be built under the aegis of the Myanmar Port Authority and the Myanmar Ministry of Transport and Communication.