Then Chief Minister Oommen Chandy laid the foundation stone of the Rs 7,525 crore port being built under a Public Private Partnership (PPP) model with Adani Ports Private Limited, in December 2015. The port will have 30 berths, and will be able to handle giant "megamax" container ships. The Adani Group has said the ultramodern port, located close to major international shipping routes, will boost India's economy. The port is expected to compete with Colombo, Singapore, and Dubai for a share of trans-shipment traffic.