Adani Group signs agreement to develop West Container Terminal of Colombo Port
India’s Adani Group signed a build-operate-transfer (BOT) agreement with local partners John Keells Holdings PLC and Sri Lanka Ports Authority on today (September30), to jointly develop the West Container Terminal (WCT) in Colombo Port.
The agreement was signed with an investment exceeding USD 700 million, and 51% of shares of West Container Terminal will be vested with Adani Group.
Colombo Port is particularly significant for India, as it handles roughly 40 percent of transshipped container cargo bound for the Indian market.
Operations of the West Container Terminal will be carried out by a new joint company named the West Container International Terminal.
51% of West Container Terminal will be with Adani Group, 34% with John Keells and 15% with Sri Lanka Ports Authority.
Latest Headlines in Sri Lanka
- WFP begins fortified Rice distribution for school meals across Sri Lanka April 20, 2024
- General Amnesty announced for Tri-Forces AWOL personnel, excludes Commissioned Officers April 20, 2024
- Sri Lanka and United States discuss Economic Support and Reforms April 19, 2024
- Israeli missile strikes Iran amid escalating Middle East tensions April 19, 2024
- President says he will build a Sri Lanka that the youth aspire to April 19, 2024
