- Contemplating to offer 85% stake of West Terminal to India’s Adani Group and other parties
- A similar arrangement was extended to China Merchants Group to develop CICT
By Nishel Fernando
Sri Lanka eyes to develop the West Container Terminal (WCT) of the Colombo Port with India’s Adani Group and other parties offering 85 percent stake in the terminal.
A similar arrangement was extended to China Merchants Group to develop Colombo Port’s Colombo International Container Terminal (CICT).
“The Cabinet Sub-Committee appointed for this matter has to meet representatives of India’s Adani Group and discuss with them. They must start early, that’s how they can complete this terminal early. Therefore, they should try to finish the development of the terminal within next two years,” State Minister of Urban Development, Coast Conservation, Waste Disposal, and Public Sanitation, Dr Nalaka Godahewa told Mirror Business.
The government recently pulled out of an agreement with India and Japan for developing the strategic East Container Terminal (ECT), and instead offered WCT. The State Minister noted that the move was based on a policy decision made in 2010.
He further noted that Colombo Port’s trade unions also agreed with the arrangement to develop WCT under a public-private-partnership model with India.
“We won’t make an investment, we will only give the sea. Therefore, we will get 15 percent stake for that,” he said.
Meanwhile, speaking of ECT operations, he said that SLPA has US$ 250 million worth funds that can be allocated to procure cranes for the terminal and other requirements.
He noted that the terminal would be gradually developed thereafter.