March 15, 2021 Likely to invest $1 billion A consortium led by Adani Ports and Special Economic Zone Ltd (APSEZ) has received a letter of intent from the Sri Lankan government to build and run the West Container Terminal (WCT) at Colombo Port with an investment of some $1billion. India has been looking for a terminal presence in Colombo port — a regional transhipment hub through which a large portion of India’s export-import cargo containers are transhipped — for strategic and security considerations. On March 1, the Sri Lankan Cabinet approved the development of WCT on a government-to-government agreement with India. “The letter of intent was issued to APSEZ on Monday,” a government official with knowledge of the development said, asking not to be named.