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Maharashtra: Cabinet approves setting up a major port in Maharashtra at a cost of Rs 65,000 cr February 14,2020   |  Source: Economic Times

The government on Wednesday approved setting up a new major port at Vadhavan near Dahanu in Maharashtra at a cost of Rs 65,544.54 crore. The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. "Cabinet gives in-principle approval for setting up a new Major Port at Vadhavan in Maharashtra. Total cost of the project is likely to be Rs 65,544.54 crore," an official statement said.

Vadhavan port will be developed on landlord model, it said, adding a special purpose vehicle (SPV) will also be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50 per cent to implement the project. The SPV, the statement said, will develop the port infrastructure, including reclamation, construction of breakwater, besides establishing connectivity to the hinterland, and all the business activities will be undertaken under public private partnership (PPP) by private developers. The position of JN Port, the biggest container port in India, is 28th in the world with a traffic of 5.1 million TEUs (Twenty-Foot Equivalent Units).

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