Kerala Chief Minister V D Satheesan on Wednesday said Adani Ports cannot transfer its shares in the Vizhinjam International Seaport here without the prior approval of the state government.

Replying to a question in the Assembly, he said there have been media reports regarding the proposed stake transfer, but the company has not approached the government seeking approval.

“As per the agreement, they cannot transfer these shares without the government’s approval. The approval of the State Government is mandatory, and in certain matters, the approval of the Central Government is also required,” Satheesan said.

He said no request seeking such approval has been received by the government so far.

Adani Ports and Special Economic Zone (APSEZ) on Tuesday said Switzerland-based MSC, the world’s largest shipping transport and logistics conglomerate, will acquire a 49 per cent stake in its Vizhinjam port in Kerala for about $1.4 billion.

Mediterranean Shipping Company (MSC) will make the acquisition through its arm Terminal Investment Limited (TiL).

As per the deal, TiL will invest USD 1.397 billion, equivalent to its proportionate 49 per cent share of the total deal value of $2.85 billion.

The strategic collaboration represents the single largest foreign private investment in Indian port infrastructure and cements Vizhinjam’s emergence as a dominant transshipment gateway in the Indian Ocean region, APSEZ had said in a statement.

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