THIRUVANANTHAPURAM: The director board headed by Chief Minister Oommen Chandy decided to hand over the charge in the construction of the Vizhinjam Seaport Project to the Adani Group. The director board meet approved the report of the high powered panel led by chief secretary to hand over the project to Adani Group. Ports Minister K Babu after the meeting told reporters that the next cabinet meet will consider the approval.
The Adani Group was the lone bidder for the project. If the project is not executed now, then it will never happen and so the government wants to make the project a reality at the earliest, the minister said.
Once the approval of the cabinet is obtained, then the Vizhinjam Harbour Company and the Adani Ports & Special Economic Zone Limited will sign a deal. After handing over the project to Adani Group, a viability gap fund (VGF) of Rs 1634 would be obtained. Out of that, 817 crore would be given to the Adani Group by the centre and the rest by the state government. The project is worth Rs 4,089 crore.
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