Adani Group on track to develop Colombo port terminal
01 Dec 2020
The Adani Group is reportedly the front-runner to develop Sri Lanka’s stalled East Container Terminal in Colombo port. Adani Ports and Special Economic Zone and a local partner have received in-principle approval to sign a deal with Sri Lanka Ports Authority, which will hold a majority stake in the project. Details of the stake-holding are being worked out after a review of the project following labour protests that had stalled the deal before parliamentary elections in August. Adani, India’s biggest ports and logistics company, had signed a preliminary agreement for the project last year. The project is being jointly developed by Sri Lanka, India and Japan. The agreement was signed by Sri Lanka’s previous government.