T’puram: Adani Ports and SEZ Ltd will submit a detailed letter to state govt explaining the terms and conditions under which MSC Group acquired a 49% stake in Adani Vizhinjam Port Ltd. The Switzerland-based company, through its port operating and terminal management subsidiary TIL, had acquired a 49% stake in Adani Vizhinjam Port Pvt Ltd for Rs 13,000 crore. The completion of the process is subject to approvals from state and central govts and will take three to five months.The port had already informed the govt about MSC’s investment after Sebi gave its approval for the share acquisition process. An official said that Adani Ports decided to give a detailed letter to state govt in the wake of the controversy. The official claimed that there was no violation of the concession agreement between state govt and Adani Ports, the concessionaire for Vizhinjam port.“One year after commissioning of the port, the concessionaire can transfer up to 75% of shares of its company. But the process needs approval from state and central govts. The letter was submitted to the state govt for approval,” said the official, adding that prior nod is not needed from state govt as per the norms governing the transfer of shares of a private company.At a programme organized by Credai, chief minister V D Satheesan said the govt will seek legal opinion on MSC’s investment. He said his govt will not give quick approval and will ensure that all norms are followed in this matter. He maintained that the opposition is trying to use the issue politically.Earlier, Satheesan had said in the assembly that the port did not inform the govt before finalizing the deal with MSC.He had said that govt would evaluate the proposal on five key parameters. These include national security, public interest, ensuring that the port remains a common user facility, fair competition, promotion of investment by all companies and the long-term development of Vizhinjam port.Opposition leader Pinarayi Vijayan had said that a foreign company’s investment without state govt’s nod is a violation of the signed agreement.
