Vizhinjam port: Adani to invest Rs 20,000 cr in 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 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 said. 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.