India\`s Adani funded West Container Terminal construction launched

Sri Lanka has started construction work of the West Container terminal of the Colombo port funded by India's Adani group.

The Secretary of the Ministry of Ports and Shipping K.D Ruwanchandra said that the construction work was launched on Wednesday in the presence of the Indian Commissioner to Sri Lanka Gopal Bagley and the Minister of Ports and Shipping Nimal Siripala De Silva.

Adani Group signed a build-operate-transfer (BOT) agreement with its local partner John Keells Holdings PLC and the Sri Lanka Port Authority (SLPA) on 30 September 2021_ to develop the West Container Terminal (WCT) in Colombo.

The signing event for the $700 million was held virtually_ and 51 per cent of shares of WCT will be vested with Adani Group.

Colombo Port is particularly significant for India_ as it handles roughly 40 percent of transshipped container cargo bound for the Indian market.

Operations of the West Container Terminal will be carried out by a new joint company named the West Container International Terminal.

51 per cent of WCT will be with Adani Group_ 34 per cent with John Keells and 15 per cent with Sri Lanka Ports Authority.