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Tuesday, 21 July 2015

Adani Group to start work on $1.2bn Vizhinjam port in November

Indian logistics firm Adani Group expects to sign the concession agreement for the proposed $1.2 billion Vizhinjam deepwater port project as early as August 17th and begin work on November 1st, its executive director Karan Adani has said.

“We have no doubts about the project’s viability at all. We see a huge potential for the port. The State government has given a projection of one lakh containers, we see almost 10 lakh containers,” Adani said.

The proposed Vizhinjam port will add a total capacity for 5.3 million TEU through three phases of construction. Located on the Southern tip of the sub-continent, it is close to the Persian Gulf-Malacca shipping lanes which carry almost a third of the world shipping traffic.

“We are very happy to be a part of this prestigious project.  It is a strategic location, being very close to the international shipping route and has the potential to become the biggest transhipment hub in the region,” Gautam Adani, chairman of the group commented.

Adani Ports expect to start construction in November this year even though only  around 90% of the land required for the project has been purchased so far. The first phase of development is expected to cost $375 million and add capacity for 1.8 million TEU. The project will be undertaken on a Public-Private – Partenrship (PPP) basis with a concession period of 40 years.

The PPP component is expected to be $640 million and Adani Group has requested grants totalling $4256 million.


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