Nov 13: Karan Adani, CEO of Adani Group and son of billionaire Gautam Adani, recently told a gathering in Sri Lanka that the Adani Group is looking at opportunities for investment after announcing a significant $553 million investment from the US government for its West Container Terminal in Colombo.
He said Adani Ports is looking at opportunities in Bangladesh, East African and Southeast Asian nations, including Tanzania and Vietnam, adding to its list of Sri Lanka and Israel.
He added the US financing, backed by the International Development Finance Corporation, is a "reaffirmation" of international support for the Indian conglomerate's companies.
Last week, the US International Development Finance Corporation said it will provide funding for a deep-water shipping container terminal in the Port of Colombo, which is being developed by Adani Ports as a joint venture.
Talking about the ports business of Adani Group, Adani said 90 per cent of Adani Ports and Special Economic Zone's revenues come from port accounts and this trend will continue as the company continues to expand in India.
"Trade is booming, we are just doing a catch-up game. We are always short of capacity and that is hurting Indian trade," he added.
In September 2021, Adani Ports signed a $700-million deal with the Sri Lanka Ports Authority (SLPA) and Sri Lankan conglomerate John Keells Holdings, to jointly develop the terminal.
The Colombo West International Terminal Pvt. Ltd was set up as a consortium comprising Adani Ports, John Keells Holdings and SLPA, to build the port in a Build-Operate-Transfer arrangement spanning 35 years. Adani Ports holds 51 per cent stake in it.
Last Wednesday, in a post on X, following the announcement on the West Container Terminal, Group Chairman Gautam Adani said: "This initiative is set to generate significant employment opportunities, boost economic growth, and enhance regional shipping capacity.
The Adani Group is proud to be a part of this journey." While Mr. Adani has become a key foreign investor in Sri Lanka, he is also looking at projects with India's other neighbours, including Bangladesh, Nepal and Myanmar. Business Today (India)
