The proposed Vizhinjam international seaport and container transshipment terminal crossed another milestone this morning with the board of the promoting company approving the single bid put up by Adani Ports and SEZ.

The board of Vizhinjam International Seaport Ltd gave its nod to multi-port operator Adanis after an empowered committee under the chief secretary had earlier referred its bid to it.

The State Cabinet will discuss the bid at its next meeting, marking the third time it comes in for scrutiny in the structured levels of approvals before it is given the final go-ahead.

Kerala Ports Minister K Babu told newspersons here that the approvals are being escalated one after the other since it was "now or practically never'' for the mega project proposal that has dragged on for decades.

The Adanis had proposed the bid on April 24, seeking Rs 1,635 crore as grant for the project, to be executed in partnership with the State.

Phase 1 of the project is estimated to cost Rs 7,525 crore, of which the public-private partnership component alone will account for Rs 4,089 crore.

Of this, 40 per cent will come as viability gap fund, a first for a port project, to be shared equally between the State and central governments.

The State will take up construction of the breakwater and the fishing harbour.

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