India’s Adani Group to have 51% of WCT; 49% open for local investments

India’s Adani Group to have 51% of WCT; 49% open for local investments

India’s Adani Group to have 51% of WCT; 49% open for local investments

Written by Zulfick Farzan

16 Mar, 2021 | 10:55 am

Colombo (News 1st); Gautam Adani, the Chairman of India’s Adani Group has thanked the Government of Sri Lanka for the opportunity to build the West Container Terminal in Colombo.

In a tweet, Gautam Adani said he is grateful to the leaders of the Government of India, Government of Sri Lanka, Sri Lanka Ports Authority & John Keells for the opportunity to build WCT, Colombo.

This partnership is a symbol of the deep strategic relations between countries with great intertwined history and it will launch decades of container growth, he added.

On Tuesday’s (16) cabinet media briefing Cabinet Spokesperson & Minister Keheliya Rambukwella said India’s Adani Group was invited to invest 51% in the West Container Terminal Development Project.

The other 49% will be open for the Sri Lanka Ports Authority and other local investors for investment.

According to the website of India’s Adani Group, the WCT will be developed on a Build, Operate and Transfer basis for a period of 35 years as a public-private partnership.

The website went on to note that Adani Ports and Special Economic Zones Ltd. (APSEZ) India’s largest private Ports & Logistics company and a key subsidiary of the diversified Adani Group, received a Letter of Intent (LOI) from the Ministry of Ports and Shipping of Sri Lanka and the Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, pursuant to approval from the Sri Lankan Cabinet of Ministers for the development and operations of West Container Terminal (WCT) in Colombo, Sri Lanka.

 

 

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