Adani Group crisis unlikely to have any impact on Bengal’s Tajpur Port project: Business Chambers

KOLKATA : Business Chambers in Kolkata said the Adani Group crisis is unlikely to affect the proposed Rs 15,000 crore deep sea Tajpur port construction, a major infrastructural project of West Bengal. State Chief Minister Smt Mamata Banerjee handed over the letter of intent of the project to Adani Ports in October last year.

Adani group’s listed companies have lost over USD 70 billion since the January 24 report of US short seller Hindenburg Research that flagged high debt levels at the ports-to-energy conglomerate and the alleged use of offshore entities in tax havens. The Indian group has denied all charges and threatened to sue the US firm.

“Amidst recent developments relating to the market cap of Adani Group, I believe the report should be properly investigated by agencies like the SEBI. I do also feel the construction of the deep sea port at Tajpur, contracted to Adani Ports, would not be hindered in any way,” Bharat Chamber of Commerce President N G Khaitan told PTI.

“The Tajpur port is going to be a major milestone in the infrastructure story of our State and the country. The industry of Bengal eagerly looks forward to its completion at the earliest,” Khaitan said.

Merchants’ Chamber of Commerce and Industry President Namit Bajoria also expects that the major infrastructure development project will sail through and touted this problem as a “short-term” issue.

“As the company wants to keep its FPO issue on track without a change in schedule or price, it gives us confidence that the ongoing projects may not get impacted and the group will sail through the crisis,” he said.

Tajpur port is a major project that will have a multiplier impact on the state’s economy and the Adani group will move ahead with it, Bajoria said.

Neither the state government nor the Adani Group was available on the development.

The greenfield port will create direct employment opportunities for 25,000 people and around one lakh indirect jobs, officials said.