The construction work to jointly develop the West Container Terminal (WCT) in the Colombo Port has commenced, a short while ago.
This is a Build-Operate-Transfer (BOT) project by India’s Adani Group, its local partner John Keells Holdings together with Sri Lanka Ports Authority with an investment of over USD 700 million.
In February, the government had decided to develop the WCT as a Public-Private Limited Company in collaboration with the SLPA and parties nominated by Indian and Japanese governments.
Accordingly, the Build, Operate, and Transfer Plan approved by a Cabinet Appointed Negotiation Committee had been forwarded to the High Commission of India and the Embassy of Japan to nominate investors.
Subsequently, proposals by the Adani Group and Special Economic Zone Limited (APSEZ Consortium) were approved by the Indian High Commission. However, no investor has been named by the Japanese government.
The Cabinet Appointed Negotiation Committee presented their recommendations based on the discussions held with the two parties and the Cabinet approved the proposal put forward by the Ports Minister.
Accordingly in March, the WCT of the Colombo Port was approved to be developed as a Public-Private Limited Company in partnership with India’s Adani Ports and Special Economic Zone Limited (APSEZ Consortium) along with its local representative John Keells Holding PLC (APSEZ Consortium), and SLPA.
The terminal is to be developed on a 35-year Build, Operate, and Transfer (BOT) basis with the aforementioned stakeholders.