'Final agreement only after govt's approval'; Adani Ports CEO clears air on share transfer

THIRUVANANTHAPURAM: Adani Ports renewed its application to the government for the share transfer of Vizhinjam Port amid intensifying political criticism. The renewed application states that a final decision has not been taken on the share transfer with MSC. The Adani Group also informed the government that the final agreement will be signed only with the government's approval.

Meanwhile, Adani Ports CEO Ashwani Gupta explained the share transfer deal with MSC. He said that the share transfer will take place only after receiving all the necessary approvals. The signing of the binding agreement with MSC is only the beginning of this process. Ashwani Gupta said that Adani will still have control of the port after the share transfer.

The decision to allow a 49 per cent stake in Vizhinjam Port to Mediterranean Shipping Company was met with severe criticism. Following the opposition, KC Venugopal, who is part of the Congress national leadership, also joined the bandwagon with criticism. The opposition and KC Venugopal raised the question of how Adani was able to violate the understanding that the state government's permission is required to sell shares above 25 per cent.

With matters going worse, Chief Minister VD Satheesan expressed his dissatisfaction with Adani. With this, Adani submitted a new application to the government seeking permission for the share transfer. The application explains that the final agreement will not be signed without the government's prior approval. The application also states that the Adani group tends to continue good relations with the Kerala government.