New Delhi, Oct 21 (NationPress) The Minister of Commerce and Industry, Piyush Goyal, alongside Sarbanand Sonowal (Ports, Shipping & Waterways Minister) and Bhupender Yadav (Environment, Forest & Climate Change Minister), convened a meeting on Tuesday with senior officials aimed at accelerating the progress of the Vadhavan Port Project along the coast of Maharashtra.

“We assessed numerous facets of the project to guarantee its punctual completion. The Vadhavan Port is set to be pivotal in creating employment opportunities and broadening global maritime trade,” stated Goyal following the meeting.

In June of the previous year, the Union Cabinet sanctioned the establishment of a Major Port at Vadhavan, located near Dahanu in Maharashtra, with an investment amounting to Rs 76,220 crore, which encompasses land acquisition costs.

The construction of the project is being managed by Vadhavan Port Project Limited (VPPL), a Special Purpose Vehicle (SPV) formed by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board (MMB), holding shares of 74% and 26%, respectively. This port is being envisaged as a greenfield, all-weather, deep-draft major port.

The financial outlay includes the development of essential infrastructure, terminals, and other commercial facilities under a public-private partnership (PPP) model. The project will also establish road access between the port and National Highways, as well as rail connections to the existing railway network and the forthcoming Dedicated Rail Freight Corridor facilitated by the Ministry of Railways.

The port is designed to feature nine container terminals, each extending 1,000 meters, four multipurpose berths (including one for coastal use), four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth. The project entails reclaiming 1,448 hectares of marine area and constructing 10.14 km of offshore breakwater along with container and cargo storage zones. It aims to generate a cumulative capacity of 298 million metric tons (MMT) annually, alongside approximately 23.2 million TEUs in container handling capacity.

The increased capacities will facilitate EXIM trade flow via the IMEEC (India Middle East Europe Economic Corridor) and the INSTC (International North South Transportation Corridor). The top-notch maritime terminal facilities are designed to foster public-private partnerships (PPP) and utilize advanced technologies to create terminals that can accommodate mainline mega vessels navigating international shipping routes between the Far East, Europe, the Middle East, Africa, and the Americas. Upon completion, Vadhavan Port is anticipated to rank among the world's top ten ports, as per the statement.

This project aligns with the PM Gati Shakti initiative and is expected to stimulate economic activity, potentially generating direct and indirect employment opportunities for approximately 1 million individuals, thus benefiting the local economy, according to an official release.