Vizhinjam port: Cooperative banks will lend 550 crores

THIRUVANANTHAPURAM: Rs 550 crores will be provided as an emergency loan for the Ports Department after forming a consortium of cooperative banks to speed up the construction of Vizhinjam Port. From this, 347 crores will be given to the Adani Group as the first instalment for the groyne deposit, Rs 103 crore to acquire land for rail connectivity, and 100 crores for the construction of the port-related road. The decision was taken in the meeting convened in the Chief Minister's chamber after the cabinet meeting. Ministers KN Balagopal, V. N. Vasavan and Ahamed Devarkovil also took part in the meeting.