Adani group has submitted a letter to the Kerala government seeking approval for the transfer of 49 per cent stake in Vizhinjam Port to the Mediterranean Shipping Company (MSC).
The move comes after Keala Chief Minister V D Satheesan remarked in the Assembly that Adani group has not sought government approval for the purported share transfer to MSC.
The agreement between the two companies involve Terminal Investment Limited (TiL), the terminal arm of Mediterranean Shipping Company (MSC) acquiring 49 per cent stake in Adani Vizhinjam Port Private Limited (AVPPL) for $1.397 billion.
If granted approval by the government, the share transfer could happen within six months of the same.
MSC is the largest shipping transport and logistic conglomerate in the world and this investment by the company is the largest instance of foreign private investment by any comapany in an Indian port.
