Adani Group Likely To Develop Sri Lanka's Stalled East Container Terminal; Plans To Invest In Bangladesh's Chittagong Port

Adani Group Likely To Develop Sri Lanka's Stalled East Container Terminal; Plans To Invest In Bangladesh's Chittagong PortGautam Adani, chairman of Adani Group (Abhijit Bhatlekar/Mint via Getty Images)

Adani Ports and Special Economic Zone Ltd (APSEZ), the flagship subsidiary of Gautam Adani led conglomerate is likely to develop Sri Lanka's stalled East Container Terminal at the Colombo Port, reports Livemint.

The company and its Sri Lankan partner are said to have already received an in-principal approval to sign a deal with the Sri Lanka Ports Authority in this regard. It should be noted that the project will be implemented under a government-to-government deal.

A preliminary agreement for the same had been finalised last year itself. However, it had run into trouble following protests by labour unions who feared foreign control over the strategic port.

If fructified, this would be the second overseas venture for India’s largest private port operator as last year it had signed an agreement to develop a container terminal at Myanmar's Yangon Port for $275 million. APSEZ will have 50-years ownership and lease agreement of the Myanmar terminal which would serve as a network point to feed into APSEZ's upcoming trans-shipment hub at Vizhinjam.

APSEZ is meanwhile also looking to make investments in Bangladesh's Chittagong port.