+
Colombo Port City project: India concerned over project
PORTS & SHIPPING

Colombo Port City project: India concerned over project

On Thursday, India told the media that it is focusing on the China-backed Colombo Port City project in Sri Lanka that is being developed as a big-ticket investment drawing project that would improve the island nation’s economy.

The project was under development for a while, however, the Sri Lankan parliament approved the Colombo Port City Economic Commission Bill, following a two-day debate on it.

Opposition parties in Sri Lanka are in disagreement with the bill, which they believe will lead to the making of a Chinese colony in Sri Lanka. As per the news reports, the 225-member Sri Lankan Parliament passed the bill 148-59.

The $1.4 billion Colombo Port City project is assumed to perform an essential part in China's ambitious 'Maritime Silk Road' plan in India's backyard. It is also known to be the single largest private sector development in Sri Lanka. China has developed the port city on the reclaimed sea, joining the Port of Colombo.

The port city bill intends to provide a special economic zone to create a board to grant registrations, authorisations, licenses, and other approvals to perform a business in such economic zones. Covering the significance of the bill, the Sri Lankan government on Wednesday announced that the port city would bring in foreign direct investment, giving the much-needed stimulus to the economy. Ajith Cabraal, Minister of Capital Markets, Sri Lanka, proposed that the initial development of the port city would bring an investment of $15 billion. In recent years, Sri Lanka has conducted several development projects with an approximated $8 billion in loans.

Image Source


Also read: Sri Lanka passes controversial bill on China-backed Colombo Port city

Also read: Adani to develop container terminal at Colombo port

On Thursday, India told the media that it is focusing on the China-backed Colombo Port City project in Sri Lanka that is being developed as a big-ticket investment drawing project that would improve the island nation’s economy. The project was under development for a while, however, the Sri Lankan parliament approved the Colombo Port City Economic Commission Bill, following a two-day debate on it. Opposition parties in Sri Lanka are in disagreement with the bill, which they believe will lead to the making of a Chinese colony in Sri Lanka. As per the news reports, the 225-member Sri Lankan Parliament passed the bill 148-59. The $1.4 billion Colombo Port City project is assumed to perform an essential part in China's ambitious 'Maritime Silk Road' plan in India's backyard. It is also known to be the single largest private sector development in Sri Lanka. China has developed the port city on the reclaimed sea, joining the Port of Colombo. The port city bill intends to provide a special economic zone to create a board to grant registrations, authorisations, licenses, and other approvals to perform a business in such economic zones. Covering the significance of the bill, the Sri Lankan government on Wednesday announced that the port city would bring in foreign direct investment, giving the much-needed stimulus to the economy. Ajith Cabraal, Minister of Capital Markets, Sri Lanka, proposed that the initial development of the port city would bring an investment of $15 billion. In recent years, Sri Lanka has conducted several development projects with an approximated $8 billion in loans. Image Source Also read: Sri Lanka passes controversial bill on China-backed Colombo Port city Also read: Adani to develop container terminal at Colombo port

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?