The CAG report on Vizhinjam International Seaport Project has pointed out plenty of discrepancies in the agreement between the Kerala government and the Adani group. The report highlights that the deal doesn’t serve any purpose for Kerala and that the Adani group is the sole beneficiary.
Sixty seven per cent amounting to Rs. 5,041 crore of the Rs. 7,525 crore-worth project is being funded by the State government. However, the State is eligible to get only Rs. 13,948 crore as income from the port in the agreement period of 40 years, while it is projected that the Adani group will walk away with a major portion of Rs. 1.5 lakh crore, despite spending only Rs. 2,454 crore (33 per cent) of the total expense.
The report also states that irregularities have increased the project cost to double the expense actually required and that neither The Central Planning Commission nor the Vigilance Commission guidelines were followed.