Thiruvananthapuram: Adani Ports and SEZ (APSEZ) CEO Ashwani Gupta has said that Adani Ports will continue to control the Vizhinjam port after the share transfer involving MSC Group is completed. Adani Group will retain the majority stake, he said in a statement.MSC Group’s subsidiary, Terminal Investment Ltd (TiL), has entered into a definitive agreement with APSEZ to acquire a 49% stake in Adani Vizhinjam Ports Private Ltd (AVPPL) for Rs 13,000 crore.The transaction will be completed after obtaining approvals from the Competition Commission of India (CCI), state govt and Union govt. Even after the transaction, APSEZ will continue to control, consolidate and operate the port in accordance with the concession agreement while pursuing future growth in line with the master plan, Gupta said.“We are strictly following the process applicable to a listed company. Signing the agreement is the start of the process to obtain all necessary approvals, including those from the CCI and Kerala govt. The transaction to change the shareholding structure will take place only after all the required approvals are received,” Gupta said.He said the transaction was disclosed in accordance with SEBI regulations governing listed companies.“There is not going to be any exclusivity for partner MSC and the port will remain open to all partners to bring in new business in line with the concession agreement. We want to take Vizhinjam port to the next level with Kerala govt and the support of Union govt. Adani Ports will get the opportunity to develop EXIM, cruise, bunkering and other businesses,” he said.Gupta said Adani Ports shared a strong relationship with state govt and that it was with the state’s support that the port achieved the milestone of handling 2 million containers in just 18 months.Chief minister V D Satheesan on Thursday expressed his govt’s displeasure to APSEZ over its announcement of the proposed share transfer to MSC without informing it. A statement issued by the chief minister’s office said the shareholding pattern of AVPPL could be changed only with state govt’s permission.Sources said in the case of a listed company, a share transfer is not made public before an agreement is signed, as premature disclosure carries competitive risks and could lead to market speculation. MSC Group has security clearance from Govt of India and it already operates a container terminal at Mundra Port, they added.
