Adani Group frontrunner for developing Sri Lanka's port terminal: Report

Adani Ports and Special Economic Zone and a local partner received an in-principle approval to sign a deal with Sri Lanka Ports Authority, which will hold majority stake in the project

India’s Adani Group is the front-runner to develop Sri Lanka’s stalled East Container Terminal in Colombo port, people with knowledge of the matter said, helping billionaire Gautam Adani expand his port business overseas.

Adani Ports and Special Economic Zone Ltd. and a local partner received an in-principle approval to sign a deal with Sri Lanka Ports Authority, which will hold majority stake in the project, the people said, asking not to be identified citing rules for speaking with the media.

Details of the stake holding are still being worked out after a review of the project following labor protests that