E-Paper
Adani aims to complete phase one of long-delayed Vizhinjam port by year-end
Karan Adani said that Adani Ports will start work on the remaining phases as early as October.
Adani Ports expects to complete the first of four phases of Vizhinjam deep-sea port this year, firming the timeline for a project already delayed by six years. The Vizhinjam deep-sea port is of strategic importance due to its proximity to international shipping routes. The port will help India rival Dubai, Singapore and Sri Lanka and Adani Ports aimed to start operations at the port in Kerala in 2018 but faced delays due to land acquisition issues.
Read more: TCS CEO on Q1 results: ‘We’re happy, can't say company is on growth path again'
The company's managing director and son of Gautam Adani- Karan Adani- said that the first phase of the Vizhinjam port will be completed by December and the port will be fully ready by 2028-29. Karan Adani also reaffirmed a total investment of 200 billion rupees in the port by the company and Kerala.
Read more: Citigroup’s new banking chief Viswas Raghavan gets $41 million in stock
This comes as Bloomberg reported that Adani Ports will invest 100 billion rupees in the second phase of the project. The port will take the company's total count to 13 ports and terminals in the country.
Read more: IREDA share price jumps 17%, surges 26% in five sessions. Here's why
Karan Adani also said that Adani Ports will start work on the remaining phases as early as October once environmental clearance and other regulatory approvals are in place.
