Posted on June 24, 2024
The ₹76,200 crore Vadhavan port project was given the green light by the central government on Wednesday, June 19. The project, upon completion, will be among the top 10 ports in the world. It is also expected to generate about 12 lakh jobs.
The Union Cabinet on Wednesday, June 19, approved the ₹76,200 crore all-weather greenfield deep-draft port project in Vadhavan, Maharashtra.
According to a press release by the government, the port upon completion will be one of the largest ports in India and among the top 10 in the world. It is projected to generate approximately 12 lakh jobs. It will be constructed by Vadhavan Port Project Limited (VPPL) a special-purpose vehicle (SPV) of Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB) with a shareholding of 74% and 26%, respectively.
The total project cost of ₹76,200 crore includes land acquisition, development of core infrastructure, terminals and other commercial infrastructure in public-private partnership (PPP) mode.
The port will have nine container terminals, each 1,000 metres long. Alongside this, it will also include four multipurpose berths, comprising a coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth. The project will create a cumulative capacity of 298 million metric tons per year and include around 23.2 million TEUs (twenty-foot equivalent) of container handling capacity.
The project is expected to assist EXIM trade flow as the port is expected to be the gateway port for IMEEC (India Middle East Europe Economic Corridor) and INSTC (International North South Transportation Corridor).
The cabinet also approved the plan to establish the road connectivity between the Port and National Highways by the Ministry of Road Transport and Highways and rail linkage to the existing rail network and the upcoming Dedicated Rail Freight Corridor by the Ministry of Railways.
