THIRUVANANTHAPURAM: On the heels of the government its expressing displeasure with Adani Ports for keeping it in the dark on the proposed move to divest its stake in Adani Vizhinjam Port Private Ltd (AVPPL) in favour of Mediterranean Shipping Company (MSC), the Adani group has clarified that transaction of shares will occur only after all necessary approvals, including nod from the state government.
Referring to the concerns over one shipping line getting monopoly, Adani Ports said the Vizhinjam port will remain an open access port for all shipping lines and that MSC will not have any exclusivity.
Aswani Gupta, CEO of Adani Ports and Special Economic Zone Limited (APSEZ), has clarified that there is no immediate change in the shareholding structure of AVPPL. Referring to the allegation that the state government was not informed of the deal before filing it with SEBI, the officials clarified that the transaction was disclosed in accordance with the SEBI regulations governing listed entities.
“At this stage, the transaction pertains to APSEZ’s wholly owned subsidiary Adani Vizhinjam Port Private Limited and there is no immediate change in AVPPL’s shareholding structure.
Post the stock exchange filing we have informed the Government of Kerala. As the transaction progresses and all necessary approvals and processes are undertaken, APSEZ will continue to engage with all relevant stakeholders, including Government of Kerala, in accordance with applicable contractual, regulatory, and governance requirements,” he said.
To allegations raised by the opposition, the official clarified that there won’t be monopoly to any company.“Vizhinjam Port will continue to operate as an open-access port, serving all shipping lines.The proposed partnership with MSC does not grant exclusive berthing rights or restrict access for any other shipping line.,” he said.
Even after the transaction, APSEZ will still control, consolidate and operate in line with the concession agreement.