 "Vizhinjam port to see up to Rs 20K crore investment, Adani, APSEZ")
Kerala Chief Minister Pinarayi Vijayan on Thursday announced the signing of a supplementary concession agreement with Adani Vizhinjam Port Pvt Ltd, extending the project timeline by five years.
The Vizhinjam International Seaport is now slated for commissioning in December 2024.
The project, envisioned as a transformative step in Kerala's maritime infrastructure, will see its second and third phases nearing completion by 2028. These phases will involve an additional investment of Rs 10,000 crore, expanding the port's capacity to 30 lakh Twenty-foot Equivalent Units (TEU).
"We have entered a supplementary concession agreement with Adani Vizhinjam Port PVT LTD on @PortOfVizhinjam to extend the project period for 5 yrs & commission the port by December. As the 2nd & 3rd phases near completion by 2028, an investment of 10,000 crore will be made, expanding the port's capacity to 30 lakh TEU," Vijayan said in a post on 'X'.
"This milestone underlines our commitment to comprehensive development & global connectivity," he added.
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The project timeline has been extended by five years, taking into account things such as the Covid-19 pandemic and natural disasters such as the Ockhi cyclone, and floods.
Due to delays, a penalty of Rs 219 crore has been imposed, with Rs 43.8 crore to be paid to the state. The remaining amount will be withheld until 2028.
If the project is not fully completed by 2028, the five-year extension will be cancelled, and the withheld amount will be collected by the government.
Earlier, the Kerala government and Adani Vizhinjam Port Private Limited had agreed to the supplementary concession agreement for the Vizhinjam International Port Project.
The state cabinet meeting, chaired by Vijayan, on Wednesday approved the draft supplementary concession agreement.
The Vizhinjam Port project, located on Kerala's southern coast, is designed to handle ultra-large container ships, ensuring faster connectivity to international shipping routes.
It is expected to drive economic growth in the region, creating job opportunities and boosting trade.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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