Sri Lanka, India and Japan firms to invest in East Terminal: President

ECONOMYNEXT – Several companies from India, Sri Lanka and Japan will invest in the East Container Terminal of Colombo Port President Gotabaya Rajapaksa has said.

State-run Sri Lanka’s Port Authority would have a majority stake.

There had been trade union opposition to getting private investment into the East Container Terminal where one third had already been built with Sri Lanka Port Authority funds.

India accounted for 66 percent of the transhipment at the Colombo Port, President Rajapaksa had explained.

China’s CM Ports group already has a terminal in Colombo.

“Under the investment program, the administration of the terminal and 51 percent of the shares will be owned by the Sri Lanka Ports Authority,” President was quoted as saying.

“Several Indian, Japanese and Sri Lankan companies have come forward to invest in the remaining 49 percent.”

India’s Adani Ports and Special Economic Zone Ltd is expected to be the party nominated by India under an agreement originally signed during the last administration.

Sri Lanka’s John Keells Holdings was also tipped to be a party to the deal, though there has been no official confirmation.

Adani has also moved into other South Asian countries like Bangladesh with Wilmar (Adani-Wilmar), a commodities group. (Colombo/Jan25/2021)

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