The Union Cabinet has given its 'in-principle' approval for setting up a Major Port at Vadhavan near Dahanu in Maharashtra.
About:
Vadhavan port will be developed on "land lord model".
A Special Purpose Vehicle (SPV) will be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50% to implement the project.
The SPV will develop the port infrastructure including reclamation, construction of breakwater, besides establishing connectivity to the hinterland. All the business activities would be undertaken under PPP mode by private developers.
Total cost of the project is likely to be Rs.65,544 crore.
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