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Sri Lanka has blamed the Adani Group for the collapse of the tripartite memorandum of cooperation (MoC) signed in May 2019 with Japan and India to jointly develop the East Container Terminal (ECT) at Colombo Port, citing lack of flexibility shown by the Indian firm in “adhering to the key financial clauses” set by the .
Sri Lanka blames Adani for collapse of East Container Terminal deal
March 02, 2021
Gautam Adani, Chairman, Adani Group×
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Sri Lanka has blamed the Adani Group for the collapse of the tripartite memorandum of cooperation (MoC) signed in May 2019 with Japan and India to jointly develop the East Container Terminal (ECT) at Colombo Port, citing lack of flexibility shown by the Indian firm in “adhering to the key financial clauses” set by the island nation, according to Cabinet documents.
India is looking to strike a hard bargain with Sri Lanka and would want a government-to-government agreement for a terminal presence in Colombo port a regional transhipment hub through which a large portion of India’s export-import cargo containers are transhipped for strategic and security reasons. On February 1, the Sri Lankan cabinet scrapped .