India opposes China with a $700 million port project in Sri Lanka

Business

Officials claimed on Thursday that an Indian business had signed a $700 million deal to build a vital deep-sea container terminal in Sri Lanka, a move regarded as a counter to China’s growing influence in the area. The Sri Lanka Ports Authority (SLPA) announced that it has reached a deal with India’s Adani Group to construct a new terminal next to a $500 million Chinese-run pier at the huge port in Colombo.

“The agreement, valued at over $700 million, is the single largest foreign investment in Sri Lanka’s port sector,” the SLPA said in a statement.

According to the report, Adani will form a joint venture with John Keells, a local conglomerate, and the Sri Lankan government-owned SLPA as a minority partner.

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