Prime Minister Narendra Modi inaugurated the foundation stone for the Vadhvan Port project in Palghar, Maharashtra, marking a major milestone in India’s maritime infrastructure expansion. With a projected investment of approximately Rs 76,000 crore, this significant initiative aims to elevate India’s standing in global port rankings and stimulate economic growth in the region.
Image Credit: Pixabay
Prime Minister Narendra Modi laid the foundation stone for the Vadhvan Port project in Palghar, Maharashtra, on Friday, marking a significant step in India’s maritime infrastructure development. With an estimated investment of around Rs 76,000 crore, this ambitious project is expected to enhance India’s position in global port rankings and boost regional economic growth. Earlier in the day, PM Modi also addressed the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai, underscoring his commitment to technological and infrastructural advancements.
Located near Dahanu, approximately 110 km from Mumbai, Vadhvan Port will be developed in two phases and aims to rank among the world’s top 10 ports once completed. The port will feature a deep draft, capable of accommodating large vessels and cargo ships, enhancing its capacity to handle significant trade volumes. The development will be spearheaded by Vadhvan Port Project Ltd., a joint venture between Jawaharlal Nehru Port Authority Ltd., which holds a 74% stake, and the Maharashtra Maritime Board, holding the remaining share. The project will follow the landlord model, aligning with government policies and encouraging both public and private sector investments.
The scope of the Vadhvan Port project encompasses the development of core infrastructure, terminals, and commercial facilities, emphasizing public-private partnerships. The plan includes building road connectivity to national highways and rail links to the existing network and the forthcoming dedicated rail freight corridor, with collaboration from the Ministry of Road Transport and Highways and the Ministry of Railways. As a critical element of the PM Gati Shakti programme, the port is expected to generate significant economic benefits, including the creation of approximately 1.2 million direct and indirect jobs, driving regional development.
Vadhvan Port will house nine container terminals, each extending 1,000 meters, along with four multipurpose berths, a coastal berth, four liquid cargo berths, a Ro-Ro berth, and a coast guard berth. The project will involve reclaiming 1,448 hectares of sea area and constructing a 10.14 km offshore breakwater and cargo storage facilities. Upon completion, the port’s total capacity is expected to reach 298 million metric tonnes per annum, including around 23.2 million TEUs (twenty-foot equivalent units) for container handling.
You must be logged in to post a comment.
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.