Vizhinjam port: CM gives green signal to borrow money; will form consortium of cooperative banks

THIRUVANANTHAPURAM: The Chief Minister has given permission to the Ports Department to borrow money from cooperative banks to pay the Adani Group for the first instalment of the groyne deposit at Vizhinjam port. The decision in this regard was taken during minister Ahamed Devarkovil's discussion with the Chief Minister at night. The meeting was held in the Chief Minister's chamber after the cabinet meeting.

Before meeting the CM, Ahamed Devarkovil had held a meeting with Cooperation Minister VN Vasavan. Kerala Kaumudi had reported yesterday that the Ports Department is planning to borrow money by forming a consortium of cooperative banks. Ahamed Devarkovil told the CM that the state was obligated by the contract's provision that it must pay interest if there is a delay in allotting the money. The state has to pay Adani Rs 347 crores as the first instalment. The minister told the Chief Minister that efforts are being made to swiftly release at least 100 crores.

Sources close to the Ports department said that in light of the Chief Minister's approval, the department will take further steps after discussions with cooperative banks. They added that no decision had been made regarding the loan amount. The plan is to give Adani money before March 31. It is said that no decision was taken during the Chief Ministerial level discussion on the Viability Gap Fund to be given to Adani.