On Thursday, it was reported by Mint newspaper that State-run Shipping Corp of India, has decided to bid for stake at the proposed construction of new Vizhinjam international container terminal, which is situated 16 km south of the state capital Thiruvananthapuram. Kerala’s port secretary, Mr. Sanjeev Kaushik, told the newspaper that the proposed investment would enable Vizhinjam International Seaport Ltd, a state-founded special purpose company to act as the nodal agency, to build the infrastructure and run the port.

Mr. Kaushik further said that to invest and remain as part-owner of the deal, the Kerala Govt. has already given the consent in principle to collaborate with SCI. The paper has said further that the amount of the investment was not yet finalized.

The company had decided last week to issue a fresh equity of 10% while the govt. decided to sell its 10% stake in market.

Previously, the government had invited private companies to bid for the project. For submitting the bids, 17 companies were shortlisted. But, the govt. changed its mind at the last minute and decided to construct the project in public sector.