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Bond Market News
Adani Ports to Partner with Sri Lankan Firm to Develop Colombo Port
March 17, 2021
On March 15, Adani Group revealed it has received a Letter of Intent (LOI) from the Ministry of Ports and Shipping of Sri Lanka and the Sri Lanka Ports Authority (SLPA) after the Sri Lankan Cabinet had approved the development of Colombo’s West Container Terminal (WCT). Adani Ports and Special Economic Zones Ltd (APSEZ) will partner with John Keells Holdings and SLPA to develop the WCT of Colombo Port on a Build, Operate and Transfer basis for a period of 35 years. While APSEZ is India’s largest private Ports and Logistics company, John Keells is Sri Lanka’s largest diversified conglomerate. With the partnership, APSEZ will expand its global footprint by holding 51% in the terminal. The project is likely to improve the transshipment options for users in South Asian waters and consolidate Sri Lanka’s locational advantage as the world’s top strategic nodes along one of the busiest global transshipment routes. Colombo Port handles 45% of Colombo’s transshipment volumes originating from or destined to APSEZ terminal in India.
APSEZ’s bonds were stable on the secondary market and its 3.1% 2031s were up 0.02 at 94.47 and its 4.375% 2029s were down 0.13 at 104.95.
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