Business
Construction of USD 650 mn. Colombo West Container Terminal to begin next year
Joint venture between India’s Adani, JKH and SLPA
Construction of the first phase of the USD 650 million West Container Terminal (WCT) of the Colombo Port, a joint venture between India’s Adani Group (51%), John Keells Holdings (34%) and Sri Lanka Ports Authority (15%) will begin next year with the construction of a 600-metre quay slated to be operative in 24 months, JKH announced on Thursday.
The announcement said that Colombo West International Terminal (Private) Ltd. (CWIT), the project vehicle, had been incorporated to undertake this investment in which JKH will have an estimated equity commitment of about USD 70 million to be infused into CWIT on a staggered basis over the project construction period.
The Build Own and Transfer (BOT) Agreement between CWIT and SLPA to build this deep water terminal, with a quay length of 1,400 metres, an alongside depth of 20 metres and an annual handling capacity of approximately 3.2 million TEUs was signed on Thursday.
The remainder of the terminal is expected to be completed within a further period of approximately 24 months, the announcement said. There will be a 70:30 debt to equity mix for funding the project with the debt funding secured subject to the related financing documents being completed prior to project commencement, the announcement said.
JKH said in a news release signed by its Deputy Chairman/Finance Director Gihan Cooray that the development and operation of the first phase of WCT has been identified as a Strategic Development Project with the requisite Gazette being issued on July 30, 2021.Originally, the partly completed East Container Terminal of the Colombo Port was to be given to a consortium of Adani, JKH and Japanese investors on a 51-49% arrangement with SLPA holding the controlling interest. But this was strongly resisted by the port unions and some constituents of the ruling coalition.
That plan was thereafter abandoned and as a compromise, the private sector (led by the Indians) was granted development rights for the undeveloped western part of the harbour where the WCT will be built. Some resistance to this agreement, now finalized, is also being expressed by port unions.Currently the South Asia Gateway Terminal (SAGT) in which JKH has a major stake along with SLPA, APM Terminals and a subsidiary of the Evergreen Corporations is the top performer in the Colombo Port with the collective Sri Lankan interest at around 60%.
The third terminal, Colombo International Container Terminals Ltd. (CICT) is controlled by China Merchant Port Holdings which holds 85% of the company with the SLPA holding the balance 15%. This terminal with an annual capacity of three million TEUs has a 35-year BOT Agreement with SLPA.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
