The government of West Bengal decided to dissolve the Lol ( letter of intent) given to Adani ports last year. According to the news reports, this letter was given to Adani to develop the Tajpur deep sea port. Dive in the news to gather more information about it.
What is Lol
A Lol ( letter of intent) is a document that shows the preliminary commitment between two or more parties before finalizing the formal agreement. The Chief Minister, Mamata Banerjee, made the announcement on Tuesday at the Bengal Global Business Summit and stated that her government would reopen the tender process soon to get fresh bids for Rs 25 000 crore for the Tajpur deep-sea port project.
The proposed project of tajpur deep sea port is ready. You can take part in the tender. It will make an investment of Rs 25 000 crore more attractive, said the chief minister. This statement by Mamata Banerjee fuels the speculations on the fate of the project that the Adani Group intended to develop last year.
About the Tajpur deep-sea port project
The Bengal government took a decision last year for the development of the Tajpur deep sea port. This project was discussed with the Adani group, and Lol was handed over to them last year. The investment of Rs 25 000 crore in the Tajpur deep sea port project attracted investors. This project involves the establishment of an industrial zone and a new port.
Whom the Lol hand over
The Lol was hand over to Adani Ports, Karan Adani, who is the CEO of this association. The Lol was handed over by Banerjee in October in Kolkata last year. It was done after two months, industrialist Gautam Adani came to the Bengal global business summit in 2022 and declared an investment of Rs 10 000 crore. This year, in 2023, no representation came from the Adani group to the government of West Bengal to show their business event.
Why the west Bengal government cancels port development deal
As we tell you, the chief minister of West Bengal, Mamata Banerjee, made a port development deal with Adani ports last year. They hand over the Lol to Adani ports. They are ready to invest Rs 10,000 crore in this project at that time. But this year, representation has yet to come from Adani ports. So, the government decided to dissolve the Lol come against the ongoing backdrop of cash for query controversy consisting of TMC, Trinamool Congress MP Mahua Moitra.
After that, the complaint was forwarded by the MP of BJP, nishikant Dubey, against Moitra by lawyer Jai Anant Dehadrai to the speaker of Lok Sabha, Om Birla. They accuse her of taking bribes for asking questions in parliament on behalf of businessman Darshan Hiranandani to target PM Narendra Modi and the Adani group. Meanwhile, the moitra refuted the allegation and faced suggestions for expulsion from Lok sabha after the committee of ethics submitted a report when it took cash for a query case.
The Bengal government decided to dissolve the Lol with Adani ports. They made this decision on Tuesday and cancel the Tajpur Deep Sea Port project with Adani.