Sri Lanka starts building Adani-funded port
SRI LANKA's largest port began on Wednesday (9) construction of a $700m terminal project, partly funded by India's Adani Group, an official said, marking the first foray by an Indian company into the sector.
‘Dredging commenced in the morning,' Upul Jayatissa, managing director of the staterun Sri Lanka Ports Authority (SLPA), said.
‘The first stage is expected to be done in the third quarter of 2024 and the full project will be completed by 2025-end.'
Ports-to-edible oils group Adani, controlled by Asia's richest person, Gautam Adani, holds a 51 percent stake in the West Container
Terminal (WCT) of the port, which also has a terminal run by China Merchants Port Holdings Co Ltd.
Sri Lankan conglomerate John Keells Holdings owns 34 percent of the WCT and the rest is held by the SLPA.
The Adani Group's plans to invest in Sri Lanka's ports ran into controversy last year after powerful port unions pushed for the East Container Terminal (ECT) to be built by the state. Subsequently, the government excluded the company from construction of the ECT.