THIRUVANANTHAPURAM: The Thiruvananthapuram Chamber of Commerce and Industry has urged the State Government to get the prestigious Vizhinjam seaport project included in the major ports scheme of the Central Government. In a letter to Chief Minister Oommen Chandy, the Chamber of Commerce called for policy decisions for allowing 51 per cent equity for the Central Government in the project. “Since equity contribution of GoI will effect a change of ownership of VISL (Vizhinjam International Seaport Ltd) from 100 per cent to GoK, to a GoK-GoI joint venture, the project development will not be affected and at the same time the Central assistance in terms of funds, clearances and other benefits could be availed,” Chamber of Commerce president E M Najeeb and secretary S N Raghuchandran Nair has stated. A joint venture will reduce the financial burden of the State Government and borrowing for the projects will also become easier. Moreover, statutory clearances for the projects could be speeded up and that in turn would increase the investor confidence for further development, the Chamber said. The request by the Chamber of Commerce comes in the wake of a State Government request to the Ministry of Shipping to provide Central assistance for the Vizhinjam International Container Transshipment Terminal (ICTT) project. The previous LDF Government had decided that the port project would be implemented on ‘Landlord Model’, where the infrastructure will remain state-owned. Phase I of the three-phase project is expected to cost ` 4,010 crore, according to revised estimates. Of this, the private partner is expected to pitch in ` 970 crore.
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