INDIA's Adani Group's ports business will invest an extra US$1.2 billion in a long-delayed deep-sea facility in India's southern state of Kerala, its local government said last week, according to Reuters.
The deal comes after Adani Group's 10 listed companies saw as much as $34 billion wiped off their total market value in the wake of chairman Gautam Adani's indictment by US authorities for his role in an alleged bribery scheme.
Adani Group has dismissed the allegations as 'baseless'.
Vizhinjam, at India's southern tip, is strategically important due to its proximity to international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
Trial operations of the first phase of the project, which has a capacity of 1 million TEU, began in July, and full-scale commercial operations are expected to begin next month, officials said earlier.
Kerala Chief Minister Pinarayi Vijayan said in a post on X that as the port's second and third phases are near completion by 2028, it will see an investment of $1.2 billion, which will expand the capacity of the facility to 3 million TEU.
Meanwhile, the Kerala government was expected to issue the provisional completion certificate for the Vizhinjam international seaport last week, marking the beginning of the informal commercial operation of the port.
However, the official commissioning of the port will be done either later this month or by the next month, based on the convenience of the Prime Minister, reports The Hindu.
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The deal comes after Adani Group's 10 listed companies saw as much as $34 billion wiped off their total market value in the wake of chairman Gautam Adani's indictment by US authorities for his role in an alleged bribery scheme.
Adani Group has dismissed the allegations as 'baseless'.
Vizhinjam, at India's southern tip, is strategically important due to its proximity to international shipping routes and will help it compete with Dubai, Singapore and Sri Lanka.
Trial operations of the first phase of the project, which has a capacity of 1 million TEU, began in July, and full-scale commercial operations are expected to begin next month, officials said earlier.
Kerala Chief Minister Pinarayi Vijayan said in a post on X that as the port's second and third phases are near completion by 2028, it will see an investment of $1.2 billion, which will expand the capacity of the facility to 3 million TEU.
Meanwhile, the Kerala government was expected to issue the provisional completion certificate for the Vizhinjam international seaport last week, marking the beginning of the informal commercial operation of the port.
However, the official commissioning of the port will be done either later this month or by the next month, based on the convenience of the Prime Minister, reports The Hindu.
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