The Western Container Terminal (WCT) in the Colombo Port is slated to begin construction on Wednesday, making The Adani Group the country's first Indian port operator there.
In the $700 million joint venture (JV) for the West Container International Terminal, the group will own a majority interest.
According to reports, the build-operate-transfer (BOT) agreement is the "biggest" foreign investment in Sri Lanka's port history and will last for 35 years.
The jointly developed project will be owned by the government-run Sri Lanka Ports Authority to the tune of 15% and local company John Keells to the tune of 34%.
Following the protest by Sri Lankan labour unions and some political parties, a Memorandum of Understanding (MOU) signed with India and Japan on the development of the Eastern Container Terminal (ECT) in 2019 was revoked.
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