Following months of debate, the Union Cabinet approved the Rs 76,220 crore Vadhavan Port project in Maharashtra at its second meeting of the Narendra Modi government’s third term on Wednesday. This will be one of India’s largest port developments, serving as a gateway port for the future India-Middle East-Europe Corridor (IMEC) and the International North-South Transportation Corridor.
The Cabinet also approved a viability gap finance (VGF) scheme worth Rs 7,453 crore, kicking off the country’s first set of offshore wind generating projects. Other measures include increasing the minimum support price for kharif crops from 5 to 12.7 percent. The Cabinet decision on developing a major port at Vadhavan in Maharashtra will boost economic progress and also create employment opportunities on a large scale,” Modi wrote in a message to X.
The port will be built by Vadhavan Port Project Limited (VPPL), a special purpose organization founded by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board (MMB), with 74% and 26% shareholdings, respectively. Vadhavan Port will be built as an all-weather, greenfield deep draft large port.
The project’s cost will cover the creation of core infrastructure, terminals, and other commercial facilities in a public-private partnership (PPP) model, according to a government statement.
To establish connectivity to the upcoming port, the Cabinet also approved road connectivity between the port and national highways by the Ministry of Road Transport & Highways, as well as rail linkage to the existing rail network and the upcoming Dedicated Rail Freight Corridor by the Ministry of Railways.
“The world-class maritime terminal facilities will promote public-private partnerships and leverage efficiencies and modern technologies to create cutting-edge terminals capable of handling mainline mega vessels plying on international shipping lines between the Far East, Europe, West Asia, Africa, and the Americas.” Vadhavan Port, if completed, will be one of the top ten ports in the world, according to a Cabinet news release.
For More News: Click Here
