Adani group did not attempt Vizhinjam port stake sale without govt approval: V D
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Replying to an unstarred question in the Assembly recently, Satheesan said Adani Vizhinjam Port Private Limited (AVPPL) had submitted an application to the government seeking prior approval for the proposed transfer of its existing 49 per cent shareholding.
The company has submitted the application in accordance with the provisions of the concession agreement, which makes any change in the ownership of the concessionaire through a share transfer subject to the prior approval of the state government, the concessioning authority.
An empowered committee headed by the Chief Secretary is examining the proposed share transfer, the related information and other relevant matters covered by the concession agreement, the chief minister said.
Further action would be taken based on the committee's recommendations and report after a comprehensive examination, he added.
The reply comes amid the proposed sale of a 49 per cent stake in AVPPL to Switzerland-based Mediterranean Shipping Company (MSC), the world's largest shipping and logistics group.
In June this year, Adani Ports and Special Economic Zone (APSEZ) announced that MSC would acquire the stake for about USD 1.4 billion, triggering a major political controversy in the state.
On July 1, Satheesan told the Assembly that the government had learnt about the proposed transaction through media reports and had not received any formal communication from APSEZ.
Replying to a special submission by Leader of the Opposition Pinarayi Vijayan, he had also said that the government would closely examine the proposed transaction and that the ownership of the port concessionaire could not be changed without the state's prior approval.
The construction of Vizhinjam International Port began on December 5, 2015, during the Oommen Chandy government. The first phase was completed, and the port commenced commercial operations on December 3, 2024.
The capacity expansion under Phases II, III and IV is required to be completed by December 31, 2028, under the Settlement Agreement signed on February 23, 2024, and the Supplementary Concession Agreement signed on November 28, 2024, the chief minister said.
Environmental clearance for the expansion works was obtained on March 10, 2025, and construction began in September that year. The extension of the breakwater, dredging and reclamation, and construction of the container berth are progressing simultaneously, he said.
The expansion works had achieved 12.4 per cent physical progress as of August 2026, according to the chief minister's reply.
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Replying to an unstarred question in the Assembly recently, Satheesan said Adani Vizhinjam Port Private Limited (AVPPL) had submitted an application to the government seeking prior approval for the proposed transfer of its existing 49 per cent shareholding.
Thiruvananthapuram: Keralam Chief Minister V D Satheesan has said that the Adani Group did not attempt to transfer its 49 per cent stake in AVPPL, the company operating Vizhinjam International Port, without the state government's prior approval.Replying to an unstarred question in the Assembly recently, Satheesan said Adani Vizhinjam Port Private Limited (AVPPL) had submitted an application to the government seeking prior approval for the proposed transfer of its existing 49 per cent shareholding.
The company has submitted the application in accordance with the provisions of the concession agreement, which makes any change in the ownership of the concessionaire through a share transfer subject to the prior approval of the state government, the concessioning authority.
An empowered committee headed by the Chief Secretary is examining the proposed share transfer, the related information and other relevant matters covered by the concession agreement, the chief minister said.
Further action would be taken based on the committee's recommendations and report after a comprehensive examination, he added.
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The reply comes amid the proposed sale of a 49 per cent stake in AVPPL to Switzerland-based Mediterranean Shipping Company (MSC), the world's largest shipping and logistics group.
In June this year, Adani Ports and Special Economic Zone (APSEZ) announced that MSC would acquire the stake for about USD 1.4 billion, triggering a major political controversy in the state.
On July 1, Satheesan told the Assembly that the government had learnt about the proposed transaction through media reports and had not received any formal communication from APSEZ.
Replying to a special submission by Leader of the Opposition Pinarayi Vijayan, he had also said that the government would closely examine the proposed transaction and that the ownership of the port concessionaire could not be changed without the state's prior approval.
The construction of Vizhinjam International Port began on December 5, 2015, during the Oommen Chandy government. The first phase was completed, and the port commenced commercial operations on December 3, 2024.
The capacity expansion under Phases II, III and IV is required to be completed by December 31, 2028, under the Settlement Agreement signed on February 23, 2024, and the Supplementary Concession Agreement signed on November 28, 2024, the chief minister said.
Environmental clearance for the expansion works was obtained on March 10, 2025, and construction began in September that year. The extension of the breakwater, dredging and reclamation, and construction of the container berth are progressing simultaneously, he said.
The expansion works had achieved 12.4 per cent physical progress as of August 2026, according to the chief minister's reply.
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Source: Economic Times — Industry ↗
Figures reflect the source report and its stated period. This article is for information and is not investment advice.
