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.