India’s Adani Ports and Special Economic Zone (APSEZ) will commence construction of West Container Terminal (WCT) at Sri Lanka’s Colombo Port in December, according to a report in Ship Technology.
APSEZ will invest more than $ 675.68 million, what is said to be its second international project after Myanmar.
In March, the company obtained a letter of intent from the Sri Lankan Government for the construction of the 3.5 million 20-foot equivalent unit (TEUs) capacity terminal. Officials told Business Line that the concession agreement for the 35-year build, operate and transfer (BOT) contract is scheduled to be signed in November.
APSEZ will hold a 51% stake in the terminal and John Keels Holding will own 34%. The remaining 15% of the stake will be owned by the Sri Lanka Ports Authority (SLPA). With a water depth of 20 m, the new terminal will have a 1,400 m quay wall and terminal area of around 64 ha.
The WCT’s first 600 m quay length is planned to be finished for operational use within 36 months of the signing of the BOT agreement, whereas the complete quay wall is expected to be completed in 48 months.
Source : Daily FT
