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“This is a golden opportunity for us,” Sonowal said adding that Vadhvan Port will be among the 10 top ports in the world. (Photo: PTI)
The proposed Vadhvan Port in the Palghar district of Maharashtra will generate 12 lakh jobs for the local youth and women besides creating multiple facilities for the people of the area once it becomes operational, Union Minister Sarbananda Sonowal said on Friday.
Speaking at the foundation stone laying ceremony of the port project at CIDCO ground in Palghar, Sonowal also said that India has earned a name as a maritime nation in the world under the guidance of Prime Minister Narendra Modi who has taken a slew of initiatives for the maritime sector in the last 10 years.
Modi laid the foundation stone for the mega project in the presence of Maharashtra Governor C P Radhakrishnan, state chief minister Eknath Shinde and deputy chief ministers Devendra Fadnavis and Ajit Pawar.
The prime minister during his visit to the state also inaugurated, laid foundation stoned for 218 fisheries projects worth Rs 1,560-crore in Palghar besides addressing the 2024 edition of three-day Global Fintech Fest in Mumbai, which culminated here on Friday.
To be built as an all-weather, greenfield deep draft port 150 km from Mumbai, which got the Union Cabinet’s nod in June this year, the maritime project will see an investment of Rs 76,200 crore, which includes the development of core infrastructure, terminals and other commercial infrastructure in public-private partnership (PPP) mode.
The first phase of the port project is expected to be completed by 2029.
“This port project is a big gift from the Prime Minister to the people of Maharashtra and the country,” Sonowal, the Union Minister for Ports, Shipping and Waterways, said.
Stating that the project will generate employment for the local youth, women besides providing benefits to the fishermen community and offering opportunities to the coming generations, Sonowal said the upcoming facility will also play a big role in realising the mission of making India a self-sufficient nation in the next 25 years.
“This is a golden opportunity for us,” Sonowal said adding that Vadhvan Port will be among the 10 top ports in the world.
The port will be constructed by Vadhvan 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 facility will comprise nine container terminals, each 1,000-metre 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 hectare area in the sea and the construction of 10.14 km of offshore breakwater and container/cargo storage areas.
Also, the project will create a cumulative capacity of 298 million metric tonne (MMT) per annum, including around 23.2 million TEUs (twenty-foot equivalents) of container handling capacity.
State-run REC signed a memorandum of understanding (MoU) with JNPA last week for financing up to Rs 45,000 crore for various upcoming projects, including the development of Vadhvan Port while another public sector firm, Power Finance Corp (PFC) has reportedly committed about Rs 21,000 crore toward helping build the project at Palghat.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 30 2024 | 8:31 PM IST
