Question: Which of the following Indian corporate giant an agreement to jointly develop the Colombo West International Container Terminal (CWICT) in Sri Lanka?
a) Adani Group
b) Reliance Group
c) TATA Group
d) None of these
Answer: (a)
Related Facts:-
- On September 30, 2021, the Adani Group signed a Build Operate Transfer (BOT) agreement to develop the Colombo West International Container Terminal (CWICT).
- It should be noted that CWICT is located amidst one of the busiest shipping routes in the world and at the strategically advantaged Colombo Port.
- The deal is signed with Sri Lanka’s largest listed company John Keells Holdings and the Sri Lanka Ports Authority (SLPA).
- Primarily a container port, the Colombo Port has handled over 5 million TEU of containerised cargo and it has five functional terminals.
- As per the 35 year-long BOT agreement inked by the three parties, the Adani Group will have majority, 51%, stakes.
- The percentage of stakes for John Keells and the SLPA would be 34%, and 15% respectively.
- This would amount to $700-million investment, which is said to be the largest foreign investment in the island nation’s port sector.
- According to the SLPA, the massive development would take place following the agreement.
- The Authority said, it will further enhance the Colombo Port’s global reputation as an international hub port.