New Delhi, Jun 19 (PTI) The Union Cabinet on Wednesday approved the development of a Rs 76,200-crore all-weather greenfield deep draft major Port at Vadhavan in Maharashtra, according to an official statement.
The statement said the project will be constructed by Vadhavan Port Project Limited (VPPL), an SPV formed by Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB), with a shareholding of 74 per cent and 26 per cent, respectively.
The port will be one of the top 10 ports in the world, it added.
It will create employment opportunities for 12 lakh people, I&B Minister Ashwini Vaishnaw said in a press briefing.
"The total project cost, including the land acquisition component, is Rs 76,220 crore," the statement said.
This will include the development of core infrastructure, terminals and other commercial infrastructure in public-private partnerships (PPP) mode, it added.
According to the statement, the Cabinet, chaired by Prime Minister Narendra Modi, also approved establishing the road connectivity between the port and national highways by the Ministry of Road Transport & Highways, and rail linkage to the existing rail network and the upcoming Dedicated Rail Freight Corridor by the Ministry of Railways.
The port will comprise nine container terminals, each 1,000 metres long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.
The project involves the reclamation of 1,448 hectares of area in the sea and the construction of 10.14 km of offshore breakwater and container/cargo storage areas.
According to the statement, the project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including around 23.2 million TEUs (twenty-foot equivalents) of container handling capacity.
Capacities created will also aid EXIM trade flow through IMEEC (India Middle East Europe Economic Corridor) and INSTC (International North South Transportation Corridor), it added.
The world-class maritime terminal facilities promote public-private partnerships (PPP) and leverage efficiencies and modern technologies to create a state-of-the-art terminal capable of handling mainline mega vessels plying on international shipping lines between the Far East, Europe, the Middle East, Africa and the Americas.
The project, aligned with the objectives of PM Gati Shakti programme, will add to further economic activity and also have the potential for direct and indirect employment opportunities, thereby contributing to the local economy, as per the statement.
Speaking on the occasion, Ports, Shipping and Waterways Minister Sarbananda Sonowal said, "Under the dynamic leadership of Prime Minister Narendra Modi, India is set to get its 13th major port at Vadhavan in Maharashtra".
This modern and state-of-the-art port is going to be an engineering marvel of new India, propelling the economic growth as well as elevation of its marine sector to be amongst the top 10 countries in the world, he added.
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