The sudden resignation of Kerala Chief Minister A.K. Antony has yet again thrown the Vallarpadam International Container Transshipment Terminal (ICTT) project in uncertainty. Prime Minister Dr. Manmohan Singh was supposed to lay the foundation stone of the Rs 2,118 crore project though the exact date of the function was not finalised. Now with Antony's departure the entire schedule has gone haywire.
The ICTT project, which was recently cleared by the Cabinet Committee on Economic Affairs, was being awarded to Dubai Port International (DPI) for development on build-operate-transfer basis. The period of contract is 30 years and DPI has offered a 33.30 per cent revenue share to the Cochin Port Trust.