Retd officers warn of risks in Adani ports

In the letter, retired bureaucrats, including SP Ambrose (former additional secretary of Ministry of Shipping and Transport), MG Devasahyam (former secretary, Govt of Haryana), KP Fabian (former Ambassador to Italy) and EAS Sarma (former union secretary) cited the letter written by Adani to Tamil Nadu Maritime Board stating that it will not be possible to get the necessary funds from investors or banks with the existing license period of 30 years. “Thus, in order to secure the financial viability of such a critical development plan for the state, it is crucial that the license period for the port be increased to 99 years or run concurrently with the lease for TIDCO land,” they quoted from Adani’s letter.

Pointing to CAG’s strong remarks against Kerala government for extending the concession period, they said that if Adani’s business plan states that the project is viable only with a 99-year concession period, there is a real risk that the state will be saddled with a white elephant.

“These concerns are significant enough. However, the state would be well within its rights to shelve the proposal solely on financial risks,” they urged.