Vizhinjam International Seaport Limited (VISL) will hold negotiations with Welspun Infratech Limited (India) on Wednesday on the question whether the consortium led by it could scale down its bid for taking up the port operator’s role at the proposed port.

Welspun’s executives are coming for the negotiation responding to an invitation from the VISL last week. The only bidder for the project, the consortium had quoted a grant of Rs.479.54 crore, to be given over a period of 16 years, from the State government for being the operator of this Rs.4,010-crore project.

A top official of the VISL said the negotiation committee of the government would place before the Empowered Committee, headed by the Chief Secretary, any new offer the consortium might make.

The Empowered Committee would evaluate the likely proposal and submit its recommendation to the Council of Minister’s for a decision.