The Cabinet on Friday approved the tender submitted by a consortium led by Lanco Kondapally of Hyderabad for the construction of the Vizhinjam International Container Transhipment Terminal, near here.

Briefing presspersons on the Cabinet decisions, Chief Minister V.S. Achuthanandan said the contract would now be sent to the Centre for security clearance.

He did not see any hitch in getting the clearance. (A contract previously approved by the Cabinet did not get the clearance because of the presence of Chinese companies in the consortium.)

Mr. Achuthanandan said the terminal was to be built on a build-operate-and-transfer (BOT) basis.

The first phase of the project would be completed in three years.

The State government, he said, would have a 24 per cent share in the company to be formed for implementation of the project.

The BOT contract would be for 30 years after which the terminal would become fully-owned by the government.

The project costing Rs.5,348 crore would create 5,000 direct employment and 1.5 lakh indirect employment opportunities.

Source: The Hindu