The Union Cabinet has approved setting up of the country's 13th major port at Vadhavan in Maharashtra at an investment of ₹65,544.54 crore, on landlord model, whereby infrastructure is leased to private firms or industries. A special purpose vehicle (SPV) is being formed with the government planning to hold 51 percent stake in the project. The SPV will develop the port infrastructure including reclamation, construction of breakwater, besides establishing connectivity to the hinterland wherein all the business activities would be undertaken under the private-public partnership mode. Currently, India has 12 major ports: Deendayal, Mumbai, Jawaharlal Nehru Port Trust (JNPT), Mormugao, New Mangalore, Cochin, Chennai, Kamarajar, V O Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia). Setting up a major port is a big task and takes time but the government is serious to start work on the mega port project soon, said shipping minister Mansukh Mandaviya.
📅Published on:
07 February 2020
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