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International relations

Sri Lanka walks India-China tightrope with port deal

Adani Group to build Colombo terminal in $700m agreement

India once again claims the container terminal deal in Colombo after being dumped by Sri Lanka earlier this year. (Source photos by Yuji Kuronuma and AP)

NEW DELHI -- Indian conglomerate Adani Group has signed a deal worth over $700 million to build a container terminal at the strategic Colombo port, a move that observers say will give a boost to Sri Lanka's struggling economy, where the expanding Chinese presence is a matter of concern to Delhi.

The Indian company reached an agreement with the state-run Sri Lanka Ports Authority (SLPA) and private company John Keells Holdings to jointly develop the West Container Terminal (WCT) at the port, a recent SLPA statement said. It called the 35-year build-operate-transfer agreement Sri Lanka's "largest foreign investment ever in the port sector." 

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