Sri Lanka has said that the East terminal of Colombo port will be 100% owned by it.
New Delhi:
India said on Tuesday it expected Sri Lanka to honour its agreement to allow it to operate a major port terminal following Colombo s decision to pull out of the deal.
The East terminal of Colombo port will be 100% owned and operated by the state-owned Sri Lanka Port Authority (SLPA), minutes of a cabinet meeting released on Tuesday said.
Sri Lanka had previously said the port would be 49% operated by India and Japan, with its port authority retaining the majority stake.
India and Japan would instead be invited to develop the nearby West terminal on a public-private partnership basis, the minutes said, without elaborating.