India, Feb. 20 -- The UAE-based NMDC Group on Tuesday signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to invest Rs.21,000 crore in the Vadhavan Port project in Palghar.

According to a press release, the money will be used to develop offshore land for the ambitious Rs.76,200-crore port project through dredging, reclamation, and shore protection. The NMDC Group, formerly the National Marine Dredging Company, is a marine dredging and construction company based in Abu Dhabi.

"The MoU between JNPA and NMDC Group PJSC is a significant step towards developing Vadhavan Port as a world-class maritime hub," JNPA chairperson Unmesh Sharad Wagh was quoted as saying. "This collaboration brings global expert...