Prime Minister Narendra Modi inaugurated the foundation stone for the Vadhvan Port project in Palghar, Maharashtra, on Friday. With an estimated investment of around Rs 76,000 crore, the project is set to bolster India’s position in global port rankings and stimulate regional economic growth. Earlier in the day, PM Modi also addressed the Global Fintech Fest 2024 at the Jio World Convention Centre in Mumbai.

Vadhvan Port: Key highlights

Situated near Dahanu, approximately 110 km from Mumbai, Vadhvan Port will be developed in two phases and is poised to become one of the world’s top 10 ports upon completion. This deep-draft port is designed to accommodate large vessels and cargo ships.

The project will be executed by Vadhvan Port Project Ltd., a joint venture between Jawaharlal Nehru Port Authority Ltd., holding a 74% stake, and the Maharashtra Maritime Board, which holds the remaining share. The development will adhere to the landlord model, in line with government policies, and will involve both public and private sector investments.

The scope of the project includes the development of core infrastructure, terminals, and commercial facilities, with a strong emphasis on public-private partnerships. It also includes the construction of road connectivity to national highways and rail links to the existing network and the upcoming dedicated rail freight corridor, with support from the Ministry of Road Transport and Highways and the Ministry of Railways.

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Vadhvan Port is a critical component of the PM Gati Shakti programme and is expected to yield significant economic benefits, including the creation of approximately 1.2 million direct and indirect jobs, thereby driving regional development.

The port will feature nine container terminals, each 1,000 meters long, along with four multipurpose berths, including a coastal berth, four liquid cargo berths, a Ro-Ro berth, and a coast guard berth. The project will involve the reclamation of 1,448 hectares of sea area and the construction of 10.14 km of offshore breakwater and cargo storage facilities. Upon completion, the port’s total capacity is expected to reach 298 million metric tonnes per annum, including approximately 23.2 million TEUs (twenty-foot equivalent units) for container handling.