Infrastructure conglomerate Adani Group has received in-principle approval from the Myanmar government to invest $290 million to build and run a container terminal along the Yangon river for 50-years.
This is Adani group’s second overseas venture after the Abbot Point terminal in Queensland, Australia.
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 – a single-window approval authority under the civilian government headed by the Minister for Investment and Foreign Economic Relations U Thaung Tun, according to an official at Myanmar’s Directorate of Investment and Company Administration.
The Ahlone International Port Terminal 2 (AIPT 2) will be developed over 54 acres in Myanmar’s commercial capital Yangon and will employ over 1,100 local people. 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 auspices of the Myanmar Port Authority and the Myanmar Ministry of Transport and Communication.
The Adani group confirmed the deal but declined to give details.
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