Significant Investment: Adani Will Now Build A Port In Sri Lanka, Invested 5190 Crores.
Key Sentence:
- India also reached Colombo to respond to China.
- They will be the first Indian company to handle a port in Lanka.
Adani Port and Special Economic Zone (APSEZ), an Adani Group company, has acquired the rights to develop and operate a key port in Sri Lanka. The Adani Group has entered into a Rs 5,190 crore agreement with the Sri Lankan Ports Authority (SLPA), a Sri Lankan state-owned company, to develop the Western Container Terminal.
This terminal is located in Colombo. At the same time, APSEZ has become the first Indian company to acquire the rights to develop a port in Sri Lanka. When China's dominance over Sri Lanka's maritime border is growing, the Adani Group's acquisition of port management rights in Colombo is considered strategically important.
APSEZ will work with local company John Kills Holdings and SLPA to build the terminal on a built-in operator transfer basis. The Colombo-based port is considered necessary for Indian container and mainline ship operators.
This port is their choice for transportation. It may be mentioned that China has made significant investments in developing various infrastructure facilities in Sri Lanka under its Belt and Road Policy. China has invested a total of 8 8 billion in multiple projects in Sri Lanka.
In 2017, Sri Lanka ceded the Hambantota port of Colombo to China. APSEZ is India's largest port developer. APSEZ accounts for 24% of India's total port capacity.
Source from Divyabhashkar