The decision was taken at a meeting by Chief Minister Oommen Chandy with Adani Ports Officials, including the company's Executive Director Karan Adani here.
It was also decided to start the construction work on November 1, the state's formation day, Ports Minister K Babu told reporters after the meeting.
Karan Adani said that even though the construction period is four years as per the agreement, the company plans to complete the work in two years.
They also sought completion of land acquisition of which 90 per cent is over, he said.
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"Government assured them that the remaining land required would also be acquired," he added.
Vizhinjam International Seaport Private Ltd is the Special Purpose Vehicle of the state government formed to implement the project. The estimated cost of the project is Rs 7,500 crore which includes investments made by the Kerala government.
In June this year, the Congress-led UDF government decided to award the project contract to the Adani group, overruling stiff political opposition.
The Opposition CPI(M)-led LDF had objected to it's implementation in the private sector and had levelled allegations of corruptions in the deal.