Kerala, Adani Ports Sign Supplementary Agreement to Enhance Vizhinjam Seaport Development

Adani Ports and Special Economic Zone Limited (APSEZ), founded in 1998, is the largest developer and operator of ports in India, playing an essential role in the Adani Group. The company manages 14 ports and terminals across the country, including the largest port in India, Mundra, as well as Hazira, Dahej, Dhamra, and Krishnapatnam. Currently, APSEZ is also developing the Vizhinjam port. 

Adani Ports’ Signed Agreement with the Kerala Government

On Friday, Adani Ports announced that it has entered into a supplementary concession agreement with the Kerala government to further develop the Vizhinjam Seaport. The agreement was signed by Kerala Chief Minister Pinarayi Vijayan, representing an important milestone in efforts to strengthen the state’s international maritime infrastructure.

Terms and Conditions of Adani Ports’ Agreement with the Kerala Government

According to the agreement, Adani Ports will proceed with the gradual development of the Vizhinjam International Seaport. The first phase is anticipated to be launched next month, with the second and third phases expected to be completed by 2028. The Chief Minister shared this news on X (formerly Twitter), stating that the expansion will require an additional investment of Rs 10,000 crore, which will enhance the port’s capacity to manage 3 million twenty-foot equivalent units (TEUs).

The Project Was Delayed Due to the Covid-19 Pandemic

The project has experienced delays because of external issues, including the COVID-19 pandemic and natural disasters like the Ockhi cyclone and severe flooding in the area. Consequently, the completion timeline for the port has been pushed back by five years. According to the agreement, if the project is not finished by 2028, the five-year extension will be revoked, and the state government will recover the withheld funds.

Adani Ports and Special Economic Zone Ld Stock Price 1% Up

Adani Ports and Special Economic Zone Ld (ADANIPORTS) stock is trading at Rs. 1,182.60 per share, which is more than 1% up. The stock is highly traded at Rs. 1,193.50.

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