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."
