Adani Ports and Special Economic Zone (APSEZ), one of the largest private multi-port operators, announced its partnership with John Keells Holdings PLC and Sri Lankan Port Authority to develop the West Container Terminal (WCT) at the Colombo port in Sri Lanka on a Build, Operate and Transfer basis for a period of 35 years.

As the first-ever Indian port operator in Sri Lanka, Adani Ports will hold 51% in the terminal partnership and WCT will be developed to reach a capacity of 3.5 million TEUs (Twenty-Foot Equivalent Units).

The Colombo port is one of the most preferred regional hubs for transhipment of Indian containers and mainline ship operators with 45% of Colombo's transhipment volumes originating from or destined to an APSEZ terminal in India.

The quay length of 1400 meters and an alongside depth of 20 meters makes WCT a prime destination for trans-shipment cargo and to handle Ultra Large Container Carriers.

Speaking on the occasion, Karan Adani, CEO and Whole Time Director of APSEZ said, "Any port partnership is a validation of the mutual trust between two nations and in this context the WCT partnership is significant on several fronts. It is a continuation of the deep and mutually beneficial strategic relationship between two neighbouring nations whose history is deeply intertwined, and I am grateful to the Leaders of the Government of India, Leaders of the Government of Sri Lanka and our Sri Lankan partners for the deep trust they have endowed on us.

The combination of the strategic location of the Port of Colombo as a launching point for transshipment across the entire subcontinent, the deep domestic strength of SLPA and John Keells Holdings PLC, and the Adani Group’s unmatched network of container terminals across the Indian coastline opens up several dimensions of growth possibilities for years to come, not just within our two countries but also to the east as well as the west of our two nations."

 Shares of the company gained Rs 4.15, or 0.58%, to trade at  Rs 723.15.  The total volume of shares traded  was 309,450 at the BSE (11.39 a.m.Tuesday).