World
Colombo Port: Adani Group Chairman Meets Sri Lankan President For Western Terminal Development
Gautam Adani with Sri-lankan President Ranil Wickremesinghe. (Image via Twitter/@gautam_adani)
Adani Group Chairman Gautam Adani and Sri Lankan President Ranil Wickremesinghe held a crucial meeting to discuss various projects in Sri Lanka during the President's two-day visit to India.
Among the topics on the agenda was the development of the Colombo Port west container terminal (WCT).
The meeting focused on the progress of the Colombo Port WCT project, in which Adani Ports and Special Economic Zones Ltd (APSEZ), a key subsidiary of the Adani Group, has been awarded a letter of intent by Sri Lankan authorities.
Adani took to Twitter and said, "Great Honour to have met H.E. President Ranil Wickremesinghe to discuss a fascinating set of projects in Sri Lanka including continued development of Colombo Port West Container Terminal, 500 MW wind project, and extending our renewal energy expertise to produce green Hydrogen."
As part of a consortium that includes John Keells Holdings PLC and the Sri Lanka Ports Authority, APSEZ will be responsible for the development and operations of the WCT on a build, operate, and transfer basis, for 35 years under a public-private partnership.
The project aims to enhance the container handling capacity of the WCT and further strengthen Sri Lanka's strategic position as a major node along the world's busiest global transhipment route.
Notably, the Colombo Port is already a preferred regional hub for transhipment of Indian containers and mainline ship operators, with 45 per cent of Colombo's transhipment volumes either originating from or destined to an Adani port terminal in India.
The consortium's extensive network, including seven container terminals across 12 ports along the Indian coastline, handles an annual volume of over six million TEUs, making this partnership mutually beneficial for both nations.
However, this comes following the previous Sri-Lankan government's decision to scrap the contract of development of Eastern container terminal of Colombo port, from a joint consortium of India and Japan and subsequently, handing it over to the Chinese.
During his stay, he is set to meet Indian President Droupadi Murmu, and other Indian dignitaries. He met Prime Minister Narendra Modi, and held discussions on various issues of mutual interest, as well.
The visit aims to further strengthen the long-standing friendship between India and Sri Lanka, reinforcing their partnership in multiple sectors and exploring avenues for enhanced connectivity and cooperation.
The Ministry of External Affairs highlighted the importance of Sri Lanka as an essential partner in India's neighbourhood-first policy and Vision SAGAR.
The visit is expected to deepen the friendship between the two countries, fostering cooperation in various sectors for the benefit of both nations.
The meeting between Adani and President Wickremesinghe underscores the significance of Sri Lanka in India's regional partnerships.
The strategic discussions held during the President's visit pave the way for strengthened ties, reinforcing India's commitment to fostering friendly and multi-dimensional relations with the island nation.
