West Container Terminal to be sold to India - Jagoda

COLOMBO (News1st): Pubudu Jagoda, a politburo member of the Frontline Socialist Party, has raised suspicion on whether the Colombo Port's West Container Terminal will be sold off to India. He made these remarks while referring to two proposals that are under consideration over the Colombo Port's East Container Terminal. The politburo member noted that one of the proposals is to allow the Sri Lanka Port's Authority to retain 100 percent ownership of the ECT. "But then, the West Container Terminal will be handed over to India," Jagoda said on Friday. The government has said that a 51 percent stake in the Colombo Port's ECT will be held by the ports authority while 49 percent will be held by India's Adani Group. "They will sell the shares from the stake owned by the government. Afterwards, the Sri Lanka Ports Authority will purchase 15 percent of the shares. The rest will be sold to the private sector," Jagoda noted.