Adani Group becomes first Indian operator in Sri Lanka's port sector

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of Understanding (MOU) signed with India and Japan on the development of the Eastern Container Terminal (ECT) in 2019 was revoked. Also read: Paradip port will be able to handle 500 MMT by 2047 Work on Kerala’s Bhavanapadu, Bandar ports to begin in Dec