India to Build Deep Water Port Terminal in Sri Lanka to Counter Beijing’s Influence

Read MoreAn Indian company has signed a contract worth US$700 million to build a strategically important deep-water container terminal in Sri Lanka, a move considered a countermeasure to China’s growing influence in South Asia. The Adani Group of India signed the agreement with the Sri Lanka Port Authority (SLPA) on Sept. 30 to build the terminal at the port of Colombo, the island nation’s capital. The period of the agreement is for 35 years, the SLPA said in a media release. The ownership of the terminal will be then transferred to Sri Lanka. Local company John Keells will hold a 34 percent stake in the joint venture while the Adani Group will hold a 51 percent. The Port Authority, which is owned by the Sri Lankan government, will also become a minority shareholder. The so-called Colombo West International Terminal will be is 1.4 kilometers (0.87 miles) long and some 20 meters …