Team News Riveting
New Delhi, December 10
Adani Ports and Special Economic Zone Limited (APSEZ), an arm of Adani Group, on Tuesday said it would build Colombo West International Terminal (CWIT) in Sri Lanka with its own resources, withdrawing financing from the US agency.
“We would like to inform that CWIT project in Sri Lanka is progressing well and is on track for commissioning by early next year. The project will be financed through the company’s internal accruals and capital management plan. We have withdrawn our request for financing from the DFC,” APSEZ said in a regulatory filing Tuesday night.
The US International Development Finance Corp, in November last year, agreed to provide a USD 553 million loan to support the development, construction, and operation of a deep-water container terminal called the Colombo West International Terminal (CWIT) at the Port of Colombo in Sri Lanka.
The Colombo Port project is a joint venture between India’s Adani Ports and SEZ Ltd, Sri Lanka Ports Authority (SLPA), and John Keells Holdings to develop the West Container Terminal (WCT) at the Port of Colombo. The project aims to take advantage of Sri Lanka’s location on major shipping routes to serve the economies around the Bay of Bengal.
The project is expected to cost $700 million and includes a $553 million investment from the US International Development Finance Corporation (DFC). Adani Ports owns 51 per cent of the consortium.
The construction began in late 2022 and the terminal is expected to become operational in February 2025. The project is being developed on sustainable values and is intended to create a healthy environment with high-quality commercial, entertainment, medical, educational, and lifestyle opportunities.
