The Colombo West International Project by Adani Port and Special Economic Zone has received a renewed commitment from the Sri Lanka Ports Authority (SLPA), with Chairman Admiral Sirimewan Ranasinghe stressing that there are no immediate plans to review or terminate the agreement. The Adani Group’s investment of $1 billion in the Colombo Terminal Project is set to be the largest foreign direct investment in Sri Lanka’s port industry, contributing significantly to the country’s port infrastructure development.
Following statements from the Indian group regarding bribery charges under the US Foreign Corrupt Practices Act, the SLPA issued a statement reaffirming the stability of the Adani Group’s project in Colombo. The company clarified that Chairman Gautam Adani, his nephew Sagar Adani, and senior official Vneet Jain were not implicated in any FCPA crimes according to the US Justice Department’s indictment filed in a New York court. The Adani Group has announced legal action to defend itself against the allegations, while Abu Dhabi-based International Holding Company has reiterated its support for the group’s investments.
The Tanzanian government has also reiterated its commitment to agreements with Adani Ports, emphasizing compliance with domestic legislation and ongoing project issues. A 30-year concession agreement for Container Terminal 2 at the Port of Dar es Salaam was signed by Tanzania and Adani Ports in May 2024, further solidifying their partnership. Despite challenges, the involved parties remain optimistic about the initiatives and investments, with continued monitoring of progress and data to ensure success in their respective projects.
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