VISL Director Board Clears Adani Ports.

The director board of Vizhinjam International Seaport Ltd. (VISL) headed by Chief Minister Oommen Chandy cleared Adani Ports for the Vizhinjam seaport project recently, paving the way for the contract to be awarded soon.Recents's meeting endorsed the decision of the Chief Secretary-led empowered committee which had waved through the bid - the only one - on May 7. The final approval will be given in the Cabinet meeting next Wednesday.

'If this project is not implemented now, we might lose it forever,' Ports Minister K Babu said after the meeting. After the Cabinet gives its nod, a Letter of Intent will be handed to Adani Ports. Construction is expected to begin after the current southwest monsoon season.'That is the agreement,' he said.

Phase I of the project is estimated to cost Rs. 7525 crore, of which Rs. 4089 crore is the PPP portion. Adani Ports has sought Rs. 1635 crore as grant from the government. The project also stands to get a VGF to the tune of Rs. 800 crore.

Adani Ports had emerged the lone contender for the project after the Kerala Government invited global tender for the fourth time for this project.

Although two other groups - ESSAR and a consortium of Srei Infrastructure and OHL - had been in the race they did not bid. In the earlier attempts, the government had attempted to find a private partner to operate the project. The present UDF Government had clubbed the separate tenders for port operator and port construction.


THE NEW INDIAN EXPRESS