(UTV | COLOMBO) – India’s 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 Thursday (30 September), to develop the West Container Terminal (WCT) in Colombo.
The signing event for the $700 million was held virtually, and 51% 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% of WCT will be with Adani Group, 34% with John Keells and 15% with Sri Lanka Ports Authority.