Kerala's Speedy Port Completion: Adani Steps Up

The Kerala government and Adani Vizhinjam Port Pvt. Ltd. have reached an agreement accelerating the completion of the Vizhinjam International Port Project to 2028. The agreement includes a Rs 219-crore penalty for delays and mandates new investments of Rs 10,000 crore. Project completion timelines have been reconsidered due to unforeseen events.

The Kerala government and Adani Vizhinjam Port Private Limited have finalized a crucial supplementary concession agreement concerning the development of the Vizhinjam International Port Project.

In a meeting chaired by Chief Minister Pinarayi Vijayan, the state cabinet approved the draft, marking a significant step following the withdrawal of arbitration proceedings.

The agreement ushers new timelines for the port's development, with its final phase now slated for completion by 2028 instead of 2045, and ensures an impressive Rs 10,000 crore in new investments over the next four years to enhance the port's capacity to a minimum of 3 million TEUs.

(With inputs from agencies.)