Adani Ports' Colombo Project Progressing Well

03 Dec 2024 CW Team

The Colombo port terminal project, led by Adani Ports in partnership with the Sri Lanka Ports Authority (SLPA) and John Keells Holdings, is on schedule and progressing smoothly, according to SLPA Chairman Sirimewan Ranasinghe. Speaking from Colombo, Ranasinghe reassured stakeholders, saying, “We do periodic reviews and there is no reason to complain so far. This project is on track.” Ranasinghe's remarks followed recent concerns about the Adani Group, after US authorities alleged involvement of some executives in a bribery scheme related to an Indian power project. However, Ranasinghe clarified that these allegations are unrelated to the Colombo project and emphasised the government's commitment to transparency in all initiatives. The Colombo port terminal is being developed to capitalise on Sri Lanka’s strategic location along major shipping routes, with operational plans set for February 2025. In November 2023, the US International Development Finance Corporation (DFC) pledged a $553 million investment in the project, although due diligence is ongoing and no funds have been released yet. Under President Anura Kumara Dissanayake, Sri Lanka continues to support projects agreed upon with India in previous administrations, recognising their potential to boost economic growth. Dissanayake, expected to visit New Delhi in mid-December, has not raised objections to the Adani project. Some of his advisors have noted that canceling such a significant project could negatively impact the investment climate in Sri Lanka. The Port of Colombo remains the largest and most active transshipment hub in the Indian Ocean, with the new terminal set to bolster trade and connectivity for the Bay of Bengal region. (ET)

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