Adani Group to invest Rs 20,000 crore in Vizhinjam port's remaining phases

Thiruvananthapuram: The Adani Group is planning to invest Rs 20,000 crore more to complete the remaining three phases of the Vizhinjam International Seaport, the first transshipment port in the country, Managing Director of Adani Ports and Special Economic Zone Ltd (APSEZ) Karan Adani said here on Friday.

Talking to PTI after the official reception ceremony for 'San Fernando', the first mothership to dock at Vizhinjam, Adani said the port will be a game changer for Indian manufacturers as it reduces logistics cost by 30 to 40 per cent.

The mothership docked on Thursday at the port being developed by APSEZ, India's largest port developer and part of the Adani Group, in a public-private partnership model at a cost of around Rs 8,867 crore.

"We are going to invest Rs 20,000 crore more from our balance sheet, and we can complete the remaining phases at one go," Adani told PTI.

He said the company is "not really looking at market share but is keen on reducing the transit cost of cargo for manufacturers".

He said the port project had to face many hardships but the support of the people, government and political parties helped complete its first phase.

"After our public hearing, the locals supported us. All other political parties also gave us their support. Any project is not easy, not just in Kerala but in any part of the country. But now everyone supports us in this mission," Adani said.

He said initially they faced the issue of getting the required number of stones for the breakwater construction.

"Now we have enough stones to complete our remaining phases, and the breakwater is almost done," Adani said.

He said Vizhinjam port, with its prime location, will play a crucial role in India's maritime sector as the first transshipment port in the country.

Earlier in the day, Kerala Chief Minister Pinarayi Vijayan formally welcomed the 300-metre-long 'San Fernando' in a ceremony held at the port here in the presence of Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal.

Kerala Assembly Speaker A N Shamseer, several state ministers, UDF MLA M Vincent and APSEZ Managing Director Karan Adani were also present.

Addressing a large gathering of people who had arrived at the port to see the 300-metre-long mothership, the chief minister said the Vizhinjam International Seaport Limited (VISL) will become a full-fledged one by 2028, 17 years ahead of schedule.

Initially it was envisioned that by 2045, phases two, three and four of the port would be completed and it would become a fully equipped port, he said. However, it will become a full-fledged port by 2028, with an investment of Rs 10,000 crore, for which an agreement will be signed soon, he added.