Adani Ports and Special Economic Zone (APSEZ), one of the largest private multi-port operators, on Wednesday has received Kerala government's nod for developing the Rs 40.89 billion Vizhinjam International Deepwater Seaport project.
APSEZ has received ''Letter of Award'' for development of the Vizhinjam International Deepwater Seaport Project from Government of Kerala (GoK).
The total project cost estimated by the Kerala government is Rs 40.89 billion and the time-frame for commissioning of project is 4 years which will be met by Adani Group based on its past execution record, it added.
''We are very happy to be a part of this prestigious project. We acknowledge the support of Kerala government to develop this deep water multi cargo port in the country. It is a strategic location being very close to international shipping route and has the potential to become the biggest trans-shipment hub in the region,'' said Gautam Adani, chairman, Adani Group.
He added, ''This project makes us take one more step towards nation building, committing ourselves to the development of Kerala. This is indeed a very proud moment for us.”
The company said it had keenly participated in the tender to ensure that Kerala gets its first deep water multi cargo port and India gets its first deep water trans-shipment port which has been missing till date.
Shares of the company gained Rs 4.55, or 1.42%, to trade at Rs 324.15. The total volume of shares traded was 62,324 at the BSE (10.27 a.m., Thursday).