Billionaire Gautam Adani led group announced their investment in Colombo West International Container Terminal on September 30, 2021. Speaking exclusively to Vibes of India, Dr Valsan Vethody, Consul General of Sri Lanka in Mumbai, termed Gujarat Headquartered Adani Group’s investment in Sri Lankan port a win-win situation for Sri Lanka and India.
Dr Valsan Vethody, Consul General of Sri Lanka in Mumbai, was a lead speaker at the Confederation of Indian Industry (CII), Gujarat’s annual meeting on Wednesday. The conference’s theme was ‘Rising Gujarat: State Agenda for India at 2047.’
Dr Valsan Vethody said,”Adani Group’s investment of $700 million at one of the terminals in the western part of Sri Lanka which is given on a 35-year lease agreement is a significant breakthrough not only economically but bilaterally as well.”
He explained the structure of the strategic partnership between Adani Group, Sri Lanka Port Authority and John Keells group. He added that the total value would double up to $ 5.5 million tonnes cargo handling from the current $ 3 million tonnes after port development.
He added that, he is optimistic about the development as the Adani group has experience handling the busiest port of India, Mundra Port.
Background: It is important to note here is that Billionaire Gautam Adani led group announced their investment in Colombo West International Container Terminal on September 30, 2021. The port is located near the busiest shipping routes in the world. The Gujarat headquartered group has a lease agreement of 35 years on a partnership with the John Keells group of Sri Lanka and SLPA, which holds 34% and 15%, respectively.
Dr Valsan Vethody’s speech at CII-Gujarat Annual Meeting: Speaking at the annual meeting of the CII, Gujarat Dr Valsan Vethody talked at length about the investment opportunities in Sri Lanka. Dr Valsan said,”Sri Lanka has opened all sectors for investment. There are huge opportunities in different sectors in Sri Lanka, for example the Textile sector where Textile parks are the need of the hour.” He said investments in sectors like tourism, breweries, apparel and others are welcome from India. He called India, Sri Lanka’s priority and called upon business houses to come up with business proposals which are win-win situation for both countries.