Pinarayi Vijayan Questions Adani's Vizhinjam Port Stake Transfer to MSC

Thiruvananthapuram: Leader of the Opposition Pinarayi Vijayan has questioned how the Adani Group proceeded with transferring shares in Vizhinjam Port in violation of the concession agreement. He alleged that the transfer of a 49 percent stake in Adani Vizhinjam Port to Mediterranean Shipping Company (MSC) was aimed at generating profits for the Adani Group.

Addressing a press conference, he said the concession agreement requires prior approval from the Keralam government for any transfer of more than 25 percent of the company's shares. He said the reported transfer without such approval has raised several concerns, adding that "it is evident that something unusual has taken place."

Pinarayi Vijayan demanded that the state government clarify its position on the change in ownership. He asked whether the stake transfer was carried out with the government's knowledge and what legal action it intends to take if the concession agreement has been violated.

He noted that the Chief Minister had told the Assembly that the decision was taken without his knowledge, while Adani Ports officials have reportedly maintained that the government had been informed about the stake transfer. He said it is the Chief Minister, who also handles the Ports Department, who must explain the facts to the people.

The Opposition leader further alleged that the transfer is against Keralam's interests and described it as the first step toward handing over the Vizhinjam Port to a multinational corporation. He argued that if MSC, a global shipping company, gains control of the port, it could create a monopoly, potentially affecting the ability of other shipping companies to operate freely through Vizhinjam.

Pinarayi Vijayan also said that since the Vizhinjam Port project is being implemented by the Adani Group in partnership with the state government, the stake transfer could effectively give MSC controlling powers. He warned that this would gradually place the strategically important port under the dominance of a foreign company, harming the state's interests and potentially reducing government revenue. He urged the government not to alter the concession agreement or make any concessions in favour of the Adani Group.