India, Dec. 20 -- The union government has approved plans to develop a world-class marina for private yachts at Cross Island, near the Princess and Victoria docks, at an estimated cost of Rs.887 crore, union shipping minister Sarbananda Sonowal said in a media statement released late at night on Thursday.

The Mumbai Port Authority (MbPA) will invest around Rs.470 crore on core marina infrastructure such as breakwaters and berths for 424 yachts in the first phase, while a private operator will develop onshore facilities such as a terminal building, a sailing school, a tourism development centre, hotel and clubhouse facilities, the statement said.

"Approval of the 'Viksit Bharat Mumbai Marina' marks an important step in our efforts to str...