Keralam CM Questions Adani Group’s 49% Stake Sale In Vizhinjam Port

Keralam chief minister V D Satheesan objects to Adani Group selling its 49% stake in Adani Vizhinjam Port Private Ltd to Mediterranean Shipping Company (MSC). The Keralam CM tweeted saying that it was announced without prior consultation with or intimation to the Government of #Keralam. “I have conveyed the State Government’s strong displeasure to the management of Adani Ports and Special Economic Zone Ltd. Any change in the concessionaire’s shareholding structure requires government approval and will be examined strictly under the provisions of the concession agreement and applicable regulations.” The Government remains committed to safeguarding Keralam’s interests and strengthening Vizhinjam as a globally competitive transshipment hub. CM’s tweet seems to have evoked mixed reactions. Why can’t investor sell his part of the stake to an investor ask many. It is micro management by the state government that is seeing the investors hesitate to invest in Kerala. If an investor legally sells shares to a foreign company, what is wrong with that? If the state government has concerns, it can buy those shares instead of creating unnecessary hurdles for investors. Countering this argument veteran journalist J Gopikrishnan posted on X that “Since the Port is under PPP Model, Kerala Govt has to approve the sale of ownership…Adani sold the 49% shares of around Rs 15000 crore …. Let us see what happens in coming days.” Yes, wait and watch is the operative word for now.