+
Adani Ports' Colombo Project Progressing Well
PORTS & SHIPPING

Adani Ports' Colombo Project Progressing Well

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)

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)

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?