Kerala Chief Minister V. D. Satheesan has stated that Adani Vizhinjam Port Private Limited (AVPPL) has not violated any rules, regulations or contractual conditions in the construction of the Vizhinjam International Seaport project or the proposed transfer of shareholding.
Responding to a question in the Kerala Legislative Assembly, Satheesan said the company has been operating in accordance with the concession agreement. He also clarified that no share transfer had been attempted without the prior approval of the state government.
Adani Group Seeks Approval for 49% Stake Transfer
According to the Chief Minister, the Adani Group has submitted an application seeking the Kerala government’s prior approval to transfer its 49% shareholding in the port project. The state government is the concessioning authority under the agreement.
The concession agreement requires prior government approval for changes in ownership. Satheesan said the company had approached the government through the prescribed procedures rather than carrying out an unauthorised share transfer.
Empowered Committee Examines Proposal
The proposed share transfer and its terms are currently under examination by an empowered committee headed by the Chief Secretary. The committee is reviewing the relevant matters under the concession agreement before submitting its report and recommendations.
The Chief Minister said the government would take a final decision only after considering the committee’s findings and recommendations.
The proposed transfer remains subject to the government’s approval. The review will determine whether the proposal complies with the terms of the concession agreement governing the Vizhinjam International Seaport project.
