Vizhinjam International Port to attain Economic Zone status, says State Government

In what is accused by the opposition as another gimmick by Chief Minister Achuthanandan,, Vizhinjam International Port is getting ready to kick off the initial stages of its infrastructure development. Through the syndicate of banks involved in the project, the State Government expects to raise Rupees 2500 crores as loan amount for the Vizhinjam International Port. The syndicate mainly comprises of leading banks in the national and regional platforms like the Dhanalakshmi Bank, Indian Bank, South Indian Bank, State Bank of India and the Federal Bank as the chief providers of loan. State Bank of Travancore will act as the mediator of the syndicate regarding the loan amounts that needs to be sanctioned by each bank.

The cabinet has now raised a green flag to one of the loan proposals. The international terminal in the Vizhinjam port is now ready to begin its construction activities. Around Rupees 900 crores is expected to be cost of the terminal of the international port. The remaining money raised will be spent on other development activities of the port.
Vizhinjam International Seaport Limited will be grouped under the direct control of the State Government when it comes to the implementation activities.

Last but not the least; the State Government will be examining proposals sent out from various companies for the selection of a suitable port operator, this month. The port operator will be selected through many stages of a short listing process of eligible companies. The port operator alongside the State Government will be in charge of finalizing and reviewing the design and development progress of the international port.

The State Government will also be approaching the Central Government to obtain a Special Economic Zone status for the port area and the surrounding coastal areas. The loan which the Government has been able to attain from the banks is expected to be paid out in a span of 20 years. Government has already started to acquire the 300 acres of land for the development of the port.

The next in the agenda is the development of necessary support infrastructure of the port inclusive of transportation facilities and conveniences like electricity and water. The international terminal is expected to be fully completed at the end of 3 years.

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