CURRENT AFFAIRS

Detailed explanation-1: -The Adani Group will become the first Indian port operator in Sri Lanka as construction of the Colombo Port’s Western Container Terminal (WCT) is set to start on Wednesday. The group will have the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million.

Detailed explanation-2: -COLOMBO, SRI LANKA : Sri Lanka’s government said Tuesday it will allow India and Japan to develop a new container terminal at the country’s main port, several weeks after scrapping a deal with the two countries to develop one of the key terminals at the same port.

Detailed explanation-3: -COLOMBO, Sri Lanka - It all began 20 years ago, when China loaned Sri Lanka more than $1 billion to build a fancy new port - what would become its second-largest - on its southern coast. The Hambantota port, with its strategic location near busy Indian Ocean shipping routes, was touted as good for Sri Lankan commerce.

Detailed explanation-4: -The construction of the Adani Group-led terminal project at the strategically located Colombo Port officially commenced on Wednesday, a year after the Indian company sealed the deal with Sri Lanka Ports Authority (SLPA) and conglomerate John Keells Holdings.