Posted on March 16th, 2021
Courtesy Adaderana
Adani Ports and Special Economic Zone Ltd. will work with Sri Lanka’s John Keells Holdings Plc to develop a port terminal in the island nation, Indian billionaire Gautam Adani’s first such standalone overseas project.
India’s biggest private port operator got a letter of intent from Sri Lankan authorities to build and operate the West Container Terminal of Colombo Port for 35 years, Adani Ports said in an exchange filing Monday. The project cost is estimated to be around $750 million, according to Daya Ratnayake, chairman of Sri Lanka Ports Authority.
This marks the latest addition in the expanding portfolio of the Indian firm that already operates a dozen ports in India, commands 30% market share locally and recently secured an investment from Warburg Pincus LLC. Its tie-up with John Keells Sri Lanka’s largest listed conglomerate also bolsters India’s engagement with its neighboring nation th
Adani Ports and Special Economic Zone (APSEZ) received a Letter of Intent (LOI) for the development and operations of West Container Terminal (WCT) in Colombo, Sri Lanka.
APSEZ received the 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.
APSEZ will partner with John Keells Holdings PLC, Sri Lanka s largest diversified conglomerate, and with the Sri Lanka Ports Authority (SLPA) as a part of the consortium awarded this mandate. The WCT will be developed on a Build, Operate and Transfer basis for a period of 35 years as a public-private partnership. WCT will have a quay length of 1400 meters and alongside depth of 20 meters, thereby making it a prime transhipment cargo destination to handle Ultra Large Container Carriers.
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