Colombo, 4 October 2021 (GNP/TDI): The Indian company Adani Group has invested $700 billion in the Sri Lankan seaport on Thursday to counter the influence of China in the region. According to officials, its largest investment by India Adani Group is in the port sector of Sri Lanka, which counters the $500 billion Chinese run-jetty investment in that region.
According to the Sri Lanka Port Authority (SLPA), the Indian company has made a partnership with local conglomerates, John Keells, the major partner, and SLPA which would be considered as a minor partner in this project. The Indian company will build a brand new terminal at Colombo port and that new container jetty will be 1.4 kilometers in length, covering the 20 meters depth.
Furthermore, the first phase of the project will be completed within two years and after 35 years of operation of an Indian company the port would be owned by the Sri Lankan government. Due to this large investment Sri Lankan Port Authority (SLPA) has banned the entrance of Chinese submarines to be stationed there.