India’s front-channel economic diplomacy has paid dividends.
The Adani group on Thursday signed a $700-million agreement with the Sri Lanka Ports Authority (SLPA) and conglomerate John Keells Holdings, to develop and manage the Colombo West International Container Terminal. The three parties have signed a build-operate-transfer (BOT) agreement spanning 35 years.
With this deal, the Adani group becomes the largest foreign investor in the island nation’s ports sector.
The move comes after intense lobbying by India, which began in January this year, when Foreign Minister S Jaishankar impressed upon the Gotabaya Rajapaksa government to expedite finalising the deal.