India's Adani Group signed a BOT agreement today with its local partner John Keells Holdings and the Sri Lanka Ports Authority (SLPA) to develop the West Container Terminal at the Colombo Port.

The Sri Lankan government, in March this year, gave approval for the development of the West Container Terminal (WCT) at Colombo Port through a public-private partnership (PPP) in collaboration with Sri Lankan Ports Authority and investors nominated by the Indian and Japanese governments.

The investment made by Adani Group with regard to the project would be 700 million USD. Previously, the same group negotiated with the Government of Sri Lanka to develop the East Container Terminal (ECT) but the proposed deal was abandoned due to mounting pressure from trade unions.

Milinda Moragoda, the newly appointed High Commissioner to India, observed the signing, which was done online earlier today.