The Build-Operate-Transfer (BOT) agreement between the Sri Lanka Ports Authority (SLPA) and the Colombo West International Container Terminal (Pvt) Ltd (CWIT), represented in Sri Lanka by John Keells Holdings (JKH), was signed on Thursday, JKH said in a statement.
The BOT agreement between the SLPA and CWIT is for a lease period of 35 years. JKH is the local partner of India’s Adani Ports and Special Economic Zone Ltd (APSEZ).
The statement said that the total project cost is envisaged to be approximately US$650 million with a debt to equity mix of approximately 70:30. The JKH equity commitment is estimated to be $70 million, which will be infused into CWIT on a staggered basis over the project construction period. JKH will have an equity stake of 34 per cent in CWIT, while APSEZ and the SLPA will hold 51 per cent and 15 per cent, respectively. The debt funding for the project has been secured, subject to the closure of the related financing documents which will be completed prior to project commencement, it said.
The WCT-1 is a deep-water terminal with a quay length of 1,400 metres and an alongside depth of 20 metres and has an annual handling capacity of approximately 3.2 million TEUs. CWIT expects to commence construction of the terminal in early 2022 with phase 1 of the terminal, comprising a quay length of 600 metres, slated to be operational within a period of approximately 24 months. The remainder of the terminal is expected to be completed within a further period of approximately 24 months, the statement added.
WCT BOT Agreement above (shaking hands): Capt. Nihal Keppetipola - Chairman, Sri Lanka Ports Authority and Krishan Balendra - Chairman, John Keells Holdings PLC. Standing behind Left to Right: U.D.C Jayalal - Secretary to the Ministry of Ports and Shipping; Minister Rohitha Abeygunawardena - Minister of Ports and Shipping and Gopal Baglay - High Commissioner for India in Sri Lanka.
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Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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