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Nation Current Affairs 06 Jun 2017 Adani set to finalis ...

Adani set to finalise Bhavanapadu port deal

DECCAN CHRONICLE.
Published Jun 6, 2017, 6:44 am IST
Updated Jun 6, 2017, 6:44 am IST
It awaits state Cabinet approval, which is said to be a formality.
Adani Group
 Adani Group

Visakhapatnam: Gujarat-based Adani Group, whose chairman Gautam Adani’s close association with Prime Minister Narendra Modi is a public knowledge, is inching closer to bag the project to develop Greenfield Bhavanapadu port in neighbouring Srikakulam district. The port project is awaiting state Cabinet approval, which is said to be only a formality.

While the revenue share offered by Adani Group was low, the state government’s empowered group of secretaries was successful in negotiating with the country’s largest private ports operator on higher revenue share.

 

Initially, the race was among three companies, but finally only Adani Group submitted the financial bid, making it the sole contender.

A highly-placed source in the Infrastructure Corporation of Andhra Pradesh Ltd. (INCAP), in the know about the port project, said while Adani Group initially offered only 0.5 per cent of revenue share, the group of secretaries could convince the company on 2.3 per cent share.

“Bhavanapadu port project has been cleared by all departments concerned at the state and Centre. The empowered group of secretaries of the state government had already sent its recommendations and the file is before the state Cabinet for the approval. The state cabinet is likely to approve the project with Adani Group as the developer in its next meeting,” a senior INCAP official said.

Adani Group, which runs three ports, two terminals and a sophisticated logistics park on the West coast, already has developed a coal handling terminal at Vizag port on BOT basis with an investment of Rs 400 crore.

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