“We have been working aggressively to find a buyer and to get all the approvals, so that whenever we do an exit, we do an exit properly as well because the worst thing we can do is we leave an asset behind which could be used for human rights violation purposes,” Karan Adani, CEO, APSEZ, said during a 7 February earnings call.
APSEZ was forced to exit the terminal coming up in the Yangon region after it drew flak following the sanctions imposed by the United States on serving and former Burmese military officials responsible for the 1 February 2021 coup that dislodged Burma’s democratically elected government and the repression of the Burmese people.
Referring to the Myanmar divestment during the 7 February earnings call, Karan Adani stated: “We are just waiting for certain conditions precedent (CP’s) which are government approvals. Once those approvals are through, we should be able complete the transaction”.
Multiple sources, though, told ET Infra that APSEZ hasn’t succeeded in finding a buyer for the terminal, which was a part of the company’s strategy to string together a ‘subcontinental ports necklace’ through organic/inorganic initiatives, extending from India to Colombo and Myanmar, with the objective to provide a South Asian logistical solution.
“APSEZ is looking for a buyer for the Yangon terminal,” said a person with knowledge of the matter, “It hasn’t found anybody so far,” he said, noting that finalising a buyer has become difficult in view of the sanctions.