India’s Adani Group signed a Build-Operate-Transfer agreement with John Keels Holdings and the Sri Lanka Port Authority in a virtual signing event held on the 30th of September, 2021.
The agreement will see an investment of over $700 million to develop the West Container Terminal (WCT) of the Colombo Port.
The public-private partnership comes after a controversial ejection of India and Japan out of the East Container Terminal (ECT). President Gotabaya Rajapaksa went forward with this controversial move following the mounting pressure from trade unions and Buddhist monks claiming that the previous agreement was a ploy to sell local assets to foreign nations.
The move damaged Sri Lanka’s relationship with the two nations as both Tokyo and New Dehli expressed their displeasure over the action.
No.820, Mount Cresent,Malabe,Sri Lanka