APSEZ Wins Vizhinjam Seaport Development Bid
- Business & Finance
Adani Ports and Special Economic Zone Limited (APSEZ) has won an approval to build and operate the previously proposed Vizhinjam multi-purpose port in India’s south-western state of Kerala, The Indian Express reports.
The country’s largest private port developer was the sole bidder on the project, which failed to attract valid bids in the earlier tender offers.
The Kerala Cabinet justified the approval by saying that this tender could have been the last for the proposed project.
APSEZ had launched the bid to construct and operate the Vizhinjam International Multi-Purpose Deepwater Seaport on April 24. The first phase of the project is expected to cost INR 7,525 crore (USD 1.18 billion).
APSEZ had asked for a grant of INR 1,635 crore (USD 255.7 million), on top of INR 2,454 crore (USD 383.8m) which the port developer plans to invest in the first phase of the project .
The Public-Private Partnership will provide INR 4,089 crore (USD 639.5m) for the Phase I of the project.
World Maritime News Staff