The Adani Group will invest an additional $1.2 billion (about Rs 7,700 crore) in the project.
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New Delhi: Industrialist Gautam Adani's company will complete the long-delayed Vizhinjam deep sea port project in Kerala. An agreement was signed between Adani Vizhinjam Port Private Limited and the Kerala government on Friday. The Adani Group will invest an additional $1.2 billion (about Rs 7,700 crore) in the project. Vizhinjam is strategically important due to its short distance from international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
Adani's company had delayed the completion of the first phase of the project by five years. Due to this, the Kerala Port Authority filed a case against them. After a long arbitration in the tribunal, the new agreement to complete the work is a great relief for the Adani group, which is currently in crisis. The trial operation of the first phase of the project began in July. Full-fledged commercial operations are expected to begin next month. Incidentally, the 'India' bloc is strongly opposed to Adani over the bribery scandal. Along with the Congress, their allied parties have also targeted Adani. Meanwhile, the Left government of Kerala has signed a supplementary agreement with Adani for the port in that state.
Kerala Chief Minister Pinarayi Vijayan said in a post on 'X', 'The second and third phases of the port will be completed by 2028 with an investment of 1.2 billion US dollars, which will increase the operational capacity of the port to 3 million TEUs.' Kerala Ports Minister VN Basavan said about this new supplementary agreement, 'The expansion of the port will be completed by December 2028. Earlier, it was thought that this port would earn Rs 54,750 crore in 36 years. Now, it is thought that the income figure will increase to Rs 2,15,000 crore. In this context, the government's share of income from this port has been increased from Rs 6300 crore to Rs 35,000 crore.'
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New Delhi: Industrialist Gautam Adani's company will complete the long-delayed Vizhinjam deep sea port project in Kerala. An agreement was signed between Adani Vizhinjam Port Private Limited and the Kerala government on Friday. The Adani Group will invest an additional $1.2 billion (about Rs 7,700 crore) in the project. Vizhinjam is strategically important due to its short distance from international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
Adani's company had delayed the completion of the first phase of the project by five years. Due to this, the Kerala Port Authority filed a case against them. After a long arbitration in the tribunal, the new agreement to complete the work is a great relief for the Adani group, which is currently in crisis. The trial operation of the first phase of the project began in July. Full-fledged commercial operations are expected to begin next month. Incidentally, the 'India' bloc is strongly opposed to Adani over the bribery scandal. Along with the Congress, their allied parties have also targeted Adani. Meanwhile, the Left government of Kerala has signed a supplementary agreement with Adani for the port in that state.
Kerala Chief Minister Pinarayi Vijayan said in a post on 'X', 'The second and third phases of the port will be completed by 2028 with an investment of 1.2 billion US dollars, which will increase the operational capacity of the port to 3 million TEUs.' Kerala Ports Minister VN Basavan said about this new supplementary agreement, 'The expansion of the port will be completed by December 2028. Earlier, it was thought that this port would earn Rs 54,750 crore in 36 years. Now, it is thought that the income figure will increase to Rs 2,15,000 crore. In this context, the government's share of income from this port has been increased from Rs 6300 crore to Rs 35,000 crore.'
The port was scheduled to start construction in 2018, but the work was delayed due to land acquisition issues due to locals protesting against the port project. Locals alleged that the construction of the port would damage the coast.
Meanwhile, India's Ministry of External Affairs opened its mouth on Friday for the first time on the allegations of bribery by the Adanis. Regarding the arrest warrant issued in the US against three people of the company, including Gautam Adani, the Ministry of External Affairs said on Friday that this is a pending matter between a specific person and the company. Delhi has not received any request to serve any arrest warrant or summons.
External Affairs Ministry spokesperson Randhir Jaiswal said, "No information has been given to India by the US regarding the arrest warrant against Gautam Adani and the rest of the Adani group. We have not received any request to send any notice regarding the summons or arrest warrant."
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