(MENAFN- Colombo Gazette) he West Container Terminal (WCT) at the Colombo South Port will be developed by India's Adani ports and Special Economic Zone Limited (APSEZ Consortium).
The Cabinet has approved a proposal to develop the WCT as a Public- Private Limited Company in collaboration with the Sri Lanka Ports Authority and APSEZ Consortium.
The WCT will be developed under a Build, Operate, and Transfer (BOT) basis for a period of 35 years as a Public- Private Partnership with the Adani Group.
A proposal submitted by the Minister of Ports and Shipping to develop the WCT in partnership with the Adani Group and its local representative John Keells Holding PLC, and the Sri Lanka Ports Authority has been approved by the Cabinet.
A Cabinet appointed Negotiation Committee and a Project Committee will be appointed to evaluate the proposals submitted in this regard.
The Government had also called on the Japanese Government to collaborate in the development project.
The BOT plan approved by the Negotiating Committee was forwarded to the High Commission of India and the Embassy of Japan in Sri Lanka requesting for investors to be nominated to the project.
A proposal presented by Adani Ports and Special Economic Zone Limited has been approved by the Indian High Commission of Sri Lanka.
However, the Japanese Government is yet to name an investor.
The Cabinet appointed Negotiating Committee has presented its recommendation based on the discussions held between the two parties. (Colombo Gazette)
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