Cabinet approves development of Rs 76,200-crore greenfield major port at Vadhavan

Daily Current Affairs / Cabinet approves development of Rs 76,200-crore greenfield major port at Vadhavan

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Category : Business and economics Published on: June 21 2024

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The Union Cabinet on Wednesday approved the development of a Rs 76,200-crore all-weather greenfield deep draft major port at Vadhavan in Maharashtra.
The project will be constructed by Vadhavan Port Project Limited (VPPL), an SPV formed by Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB), with a shareholding of 74 per cent and 26 per cent, respectively.
The port will be one of the top 10 ports in the world.
The total project cost, including the land acquisition component, is Rs 76,220 crore.
This will include the development of core infrastructure, terminals and other commercial infrastructure in public-private partnerships (PPP) mode.