Adani Group's MSC stake transfer plan violates agreement, says Pinarayi Vijayan

KANNUR: Opposition Leader Pinarayi Vijayan has alleged that the Adani Group's move to transfer a 49% stake in Vizhinjam Port to MSC without prior approval from the government violates the concession agreement.

Addressing a press conference, Vijayan alleged that the stake transfer process was initiated without informing the state government, raising suspicions of possible collusion between the government and the company.

He said he had written to the securities regulator and the stock exchange after the state government failed to act on the issue. According to him, the proposed stake transfer cannot be carried out under the existing agreement. He questioned whether the government would bend the rules to facilitate the Adani Group's proposed deal with MSC.

Vijayan also recalled that when he raised the issue in the State Assembly, the Chief Minister had stated that the government had not received any official communication regarding the proposed stake transfer.

Government's response raises questions
Criticising the government's handling of the issue, Vijayan said its response had been far too casual for a matter of such seriousness, further fuelling public suspicion. He questioned how a private company could move forward with such a significant decision without informing or obtaining the approval of the state government. He also asked what had given the Adani Group the confidence to proceed in this manner.

The Opposition Leader further alleged that the Adani Group had an interest in the transfer of former Additional Chief Secretary Divya S. Iyer from her post.