Mumbai, April 11 -- With the aim of enhancing port infrastructure to make import and export processes easier, the Maharashtra government has announced the development of the Vadhavan Port in Dahanu Taluka of Palghar district as a satellite port for the Jawaharlal Nehru Port Authority (JNPA). The Vadhavan Port is planned to become the largest port in India and is said to be strategically important for the economic and industrial development of the country.
The total cost is expected to be Rs 762.2 billion, of which the state government will cover 26 per cent, while the JNPA will cover the remaining 74 per cent. So far, the Maharashtra government has given funding of Rs 30.4 billion to the project through the Maharashtra Maritime Board. The government gave the Maritime Board approval to further procure a loan of Rs 70.94 billion for the project. This push to secure funding likely comes at the behest of Cabinet Minister Nitesh Rane, who has continually made efforts to secure financial support for the project.
Published by HT Digital Content Services with permission from Construction World.