Govt Approves Setting Up Of Major Port In Maharashtra
New Delhi: Government today decided to set up a major port at Vadhavan near Dahanu in Maharashtra which is expected to cost Rs 65,544 crore.
The Union Cabinet has given its 'in-principle' approval for setting up the port developed on ‘land lord model. The Vadhavan port will be a Special Purpose Vehicle (SPV) that will be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50 percent to implement the project, the government said in a statement
The SPV will be given the responsibility to develop the entire infrastructure like land reclamation and construction of breakwater. All the business activities are envisaged to be undertaken under PPP mode by the private developers.
JN Port is the largest container port in India but is ranked 28th in the world. It has a traffic of 5.1 million TEUs. With the development of the 4th terminal at JN Port, the capacity will increase to10 million TEUs by 2023.
With the addition of Vadhavan port, India is expected to be among the countries for ports and container traffic.