November 9, 2022
1 min read

Adani Group becomes 1st Indian operator in Lankan port industry

The build-operate-transfer (BOT) agreement which is to remain valid for 35 years, is said to be the “largest” foreign investment ever in Sri Lanka’s port history…reports Asian Lite News

The Adani Group will become the first Indian port operator in Sri Lanka as construction of the Colombo Port’s Western Container Terminal (WCT) is set to start on Wednesday.

The group will have the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million.

The build-operate-transfer (BOT) agreement which is to remain valid for 35 years, is said to be the “largest” foreign investment ever in Sri Lanka’s port history.

The state-run Sri Lanka Ports Authority will own 15 per cent, while local company John Keells will own 34 per cent interests in the joint project.

A memorandum of understanding signed with India and Japan on the development of the Eastern Container Terminal (ECT) in 2019, was withdrawn following the protest by Sri Lankan trade unions and some political parties.

However in March 2021, the Sri Lankan Cabinet granted approval for the development of the WCT through a public-private partnership (PPP) in collaboration with the SLPA and investors nominated by the Indian and Japanese governments.

According to reports, following the commencement of operations, the terminal is expected to increase the Colombo Port’s capacity to three million TEU a year.

The reports further said that nearly 45 per cent of Colombo’s trans-shipment volumes start from or are destined to an Adani Ports and Special Economic Zone (APSEZ) terminal in India.

Completion of construction of the WCT is scheduled by 2024.

ALSO READ: Lanka seizes 300 kilos of heroin

Previous Story

India participates in WTM 2022 in London

Next Story

Indian envoy opens gems and jewellery show in Dubai

Latest from -Top News

India, Japan Eye Deeper Global Role

PM Modi will embark on his journey on August 29, which also marks his first annual summit with PM Ishiba….reports Asian Lite News Prime Minister Narendra Modi will meet Japanese counterpart Shigeru

Bangladesh Election 2026: Renewal or Ruin?

If reforms are upheld, February 2026 could mark a democratic turning point for Bangladesh. If not, the polls risk repeating a cycle of mistrust and division….reports Asian Lite News On 5 August

Organ Mafia Carves Up Pakistan’s Poor

What makes these crimes even more disturbing is the involvement of medical professionals. Surgeons, anaesthetists, and nurses—sworn to save lives—are repeatedly implicated….reports Asian Lite News The rescue of a young man in

Yunus Says Bangladesh ‘Stable, Ready for Polls’

Yunus stated that Bangladesh has reached a “stable enough” position and is ready to hold polls…reports Asian Lite News Bangladesh’s Chief Adviser Muhammad Yunus on Monday announced that national elections will be
Go toTop

Don't Miss

SC declines to order SIT or CBI probe in Adani-Hindenburg row

The top court asked SEBI to complete within three months

Adani Group’s Market Cap Surges 40% in Three Months

Market experts who track the group closely said that there