Indian multinational Adani Group says it plans to divest from its container port project, a partnership with the MEC, a sanctioned conglomerate owned by Myanmar's generals, according to DVB.

Adani Ports said this week it was abandoning plans to build a container terminal in Myanmar, weeks after applying for a US licence for the project, claiming it believed it did not violate sanctions. The build-operate-transfer deal had been signed after the 2017 campaign of genocide against the Rohingya, the report says.

The move comes after activist group Justice for Myanmar and the Australian Center for International Justice published a report in May which detailed Adani's direct relationship with Min Aung Hlaing. In April, the company was delisted from the Dow Jones Sustainability Index. Over the past eight months, Adani Group had come under intense scrutiny for their ongoing support of the Myanmar military.

DVB notes that the announcement marks a quite remarkable change in position for a venture that many considered to be incredibly important to the Myanmar junta.

"The company's risk management committee, after a review of the situation, has decided to work on a plan on exiting the company's investment in Myanmar, including exploring any divestment opportunities," Adani said in a statement. The company is expected to fully exit the investment in the strife-torn south Asian nation between March and June next year.