Submit best offer, Welspun told

THIRUVANANTHAPURAM: The State Government on Monday asked the Welspun consortium to revise the financials submitted for the multi-crore Vizhinjam international container transshipment terminal (ICTT) project and submit the ‘best offer'.The State Government has been in discussions with the three-member consortium for bringing down its demand that the State should pay Rs 479.54 crore as grant for implementing the first phase of the project. Monday’s discussions were led by the Bid Negotiation Committee formed by the State Government recently.The committee consisting of Law Secretary Sanjay Garg, Ports Secretary R K Singh and Vizhinjam International Seaport Ltd (VISL) CEO A S Suresh Babu, three representatives of project consultants International Finance Corporation and the consortium team led by Welspun Infratech Ltd managing director Parvez Umrigar took part in the talks.Port officials said that Welspun has been asked to submit the ‘best offer’ at the earliest. It was in February that the State Government opened the financial bid submitted by the consortium of Welspun Infratech Ltd, Welspun Corp and Leighton India.Welspun had been left the lone contender for the post of port operator after the Union Home Ministry denied clearance to Mundra Ports and Special Economic Zone. However, Welspun had sought a grant of ` 479.54 crore spread over 15 years from the State, consequent to which the Government embarked upon negotiations.Kerala plans to implement the project on ‘Landlord Model’, where the port infrastructure will be owned by the State. The port operator will have a concession on it for 30 years. According to revised estimates, phase I of the project will cost Rs  4,010 crore. The port operator will chip in with Rs 970 crore, and the State Government has to raise the remaining amount.