India counters China in Sri Lanka with US$700 million port deal

An Indian company entered into a US$700 million deal Thursday to build a strategic deep-sea container terminal in Sri Lanka, officials said, in a move seen as countering China’s rising influence in the region.The Sri Lanka Ports Authority (SLPA) said it signed an agreement with India’s Adani Group to build a new terminal next to a US$500-million Chinese-run jetty at the sprawling port in the capital Colombo.“The agreement worth more than US$700 million is the largest foreign investment ever in…

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