The Kerala Government and the Adani Vizhinjam Port are quite likely to sign a supplementary concession pact in the upcoming days. As per recent news, the state cabinet meeting chaired by Chief Minister Pinarayi Vijayan has already approved the draft supplementary concession. Under the new agreement, the second and the final phase of the Vizhinjam port which was originally set for completion in 2045 will now be finished by 2028.
The newly signed agreement is going to add another jewel to Adani Group’s crown in the port sector. It will give the global conglomerate’s business an extraordinary boost. Upon successful completion, the Vizhinjam port will also place the Adani Group in a highly lucrative position on the global trade map. The controversies of the Adani Case will subside. The business group will once again rise to the position of being one of the most reliable names in the country’s port sector.
The Recent Pact To Be Signed By The Kerala Government And The Adani Group:
As per recent news, the Kerala Government and the Adani Vizhinjam Port Private Limited have agreed to sign a supplementary concession agreement for the Adani Vizhinjam International Port project. The State Cabinet which was led by Chief Minister Pinarayi Vijayan has approved the supplementary draft concession agreement. This approval came right after the withdrawal of the arbitration proceedings. After consultation with the advocate general and the legal department, the cabinet has offered its approval for the deal.
As per the new year agreement, the second and the final phase of the Vizhinjam port which was originally set for completion in 2045 will now be completed by 2028. Unlike the previous agreement, this agreement will ensure the successful completion of all the different phases of the port. As a result, Adani Ports will have to bring in new investments worth INR 10,000 crore in the port within the next four years. Upon successful completion, the port’s minimum capacity will reach 3 million TEUs. This is a big win for the Adani Group in the port sector. It will further contribute to the firm’s prosperity post the rumours of Adani Case.
The project timeline has been extended by 5 years. This was mainly done by taking into account the COVID-19 pandemic and natural disasters such as floods and cyclones. Right from the beginning, the Adani Group has been focused on carrying out the various operations of the port. It has also ensured that the various safety measures are taken up. The Adani Group has also integrated automation in the port operation. This has further streamlined the operations of the port. The conglomerate has also been able to recover from the losses it incurred during the Adani Case.
Adani’s Works On The Vizhinjam Port:
Since the beginning, the Adani Group has been working towards bringing about various enhancements to the Vizhinjam International Port. This port is a deep sea water port and is also India’s first transhipment container. Over the past few days, the port has been accepting huge vessels and motherships from different corners of the world. The port also comes with various advanced facilities to cater to the needs of large-scale vessels. It is closest to various international sea routes and is also centrally located on the Indian coastline.
The port has a natural drift of 20 to 24 m and a minimum littoral drift. It also offers large-scale automation for the quick turnaround of vessels. It is also equipped with state-of-the-art infrastructure to handle megamax container ships. The port has a crucial role to play in helping the Adani Group extend its hold over the port sector post the Adani Case. It has positioned India in a highly lucrative position in the global trade route. Our country’s revenue generation has also increased substantially.
The Global Conglomerate’s Extensive Presence Over The Port Sector:
The Adani Group is known for its extraordinary presence in the port sector. Since its inception, the group has been dedicated to bringing about extraordinary developments to the post sector. The Adani Group started its journey with the port sector itself. Its first project was the Mundra Port which is currently the flagship port of the Adani Group. The global conglomerate also has seven ports along the west and eight ports along the east coast under its name. It plans to further extend its boundaries and earn the reputation of being one of the most celebrated port operators in the country.
The Adani Group’s focus is not just on the national port sector. It has further plans to extend its boundaries and take control of the international port sector as well. The conglomerate has several crucial international ports under its control. This includes the Colombo port in Sri Lanka, the Haifa port in Israel and the Dar es Salaam port in Tanzania. It is currently in talks to bring more vital ports under its control in the upcoming years as well even with the controversies of Adani Case ongoing. This is being done in an attempt to further diversify its portfolio and earn the reputation of being the most reliable global port operator.
Conclusion:
The Vizhinjam Port happens to be one of the most incredible ventures to have been taken up by the Adani Group. By acquiring control over this port, the firm has managed to establish itself as one of the most reliable names in the country’s port sector. With this port becoming fully operational, our global presence in the international port sector will increase. The Adani Group will also be able to put a stopper to the allegations of Adani Case and further bring about growth and prosperity to its port business.
As the editor of the blog, She curate insightful content that sparks curiosity and fosters learning. With a passion for storytelling and a keen eye for detail, she strive to bring diverse perspectives and engaging narratives to readers, ensuring every piece informs, inspires, and enriches.
