Vadhavan Port in Maharashtra’s Palghar district has secured agreements worth ₹57 billion for its upcoming facility. With a total investment of ₹760 billion, the port aims to become India’s 13th largest container port, featuring specialized terminals for liquid cargo and chemicals, enhancing India’s global maritime trade capabilities.
Her Royal Highness Princess Astrid of Belgium, representing His Majesty the King, visited the JNPA-APEC Training Centre with a delegation to strengthen maritime cooperation between India and Belgium. The visit included a briefing on the port’s infrastructure and the signing of a Memorandum of Understanding to establish a port-focused training institute in India.
This week’s maritime news highlights significant developments from 02 Sep. to 08 Sep. 2024. Key topics include India’s ₹25,000 crore Maritime Development Fund to boost shipbuilding, recovery in dry cargo shipping, innovations in marine fuels, and updates on the Red Sea crisis. Environmental challenges and Seychelles’ efforts against maritime crime are also covered.
Maharashtra’s economic growth is on the rise with new projects from both central and state governments. The Vadhavan Port, inaugurated by PM Modi, will boost the rural economy with its impressive capacity. It will accommodate large vessels, setting it to become a global trade hub. This project will create jobs and drive economic growth in the region.
The Vadhavan Port project will be undertaken under the PPP mode, with a total cost of Rs. 17,709 crore for land reclamation and dredging, and Rs. 38,976 crore for other infrastructure works. This marks a shift from the previous plan of EPC funding by JNPA and MMB, with private operators covering the remaining Rs. 37,244 crore.
The proposed Vadhavan port in Maharashtra faces new hurdles as the PMO suggests using the Hybrid Annuity Model for its development. This move raises concerns and delays Cabinet approval, impacting the project’s timeline. Despite skepticism from industry sources, this model could reshape the port’s structure and operation, bringing in private operators for different terminals.
Shri. Unmesh Sharad Wagh (IRS) of JNPA confirmed CRZ recommendation for Vadhvan Port project. JNPA, in collaboration with MMB, plans to develop the project. DTEPA has given approval. The Chairman assured compliance with all CRZ conditions.
APM Terminals, a global container terminal operator, signed a Memorandum of Understanding with the Jawaharlal Nehru Port Authority to develop a new container terminal in Vadhavan, Maharashtra. The signing took place at the Vibrant Gujarat Global Summit, reflecting strong support from the Indian government for the ambitious project.
