The Indian Company has stepped into take over 49% of shares of Colombo East Terminal amidst protests of works and sections of the society with majority of the people.
Workers at the Port of Colombo began a protest from Jan. 29, over the proposed involvement of Indian and Japanese companies in the operation of the Eastern Container Terminal (ECT).
The organisers, together with other allied organisations such as labor unions across the country and political parties, have also warned of demonstrations and strikes in the coming days.
Following the visit to Sri Lanka by Indian Foreign Minister Dr. S. Jaishankar on 6 January 2020, it was decided to award the expansion project of the ECT to Adani Group of India.
Adani Group is India's largest integrated ports and logistics company.
A Memorandum of Corporation (MoC) to manage the ECT between Sri Lanka, India and Japan was signed in March, 2019.
However, the new Rajapaksa government appointed a committee to review all the projects that were to be awarded to foreign countries.
Subsequently, the visiting Indian Foreign Minister and his Sri Lankan counterpart held discussions on several issues pertaining to India's interests and decided to offer the ECT to Adani Group.
India had this week said that it remains committed to assisting Sri Lanka with increased foreign investment and cooperation in infrastructure projects like ports, airports, energy including renewable such as solar and wind.
India's High Commissioner to Sri Lanka Gopal Baglay said that he is confident that working together, India and Sri Lanka will be able to successfully overcome the contemporary economic and other challenges.
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