The Maharashtra government has approved funding of ₹3,040 crore for the Vadhavan Port Development Project under the Maharashtra Maritime Board, covering 26% of the total project cost. A government order has been issued in this regard, marking a significant milestone.
The state government has emphasized the strategic importance of port development for economic and industrial growth. With the increasing need for modern infrastructure to facilitate imports and exports via water transport, there is a strong push to develop various port projects in the state. To address this need, the decision has been made to develop Vadhavan Port in Dahanu Taluka of Palghar district as a satellite port for the Jawaharlal Nehru Port Authority (JNPA). Vadhavan Port is set to become the largest port in the country.
The total cost of developing Vadhavan Port is ₹76,220 crore. The project will be developed through a joint venture between the Jawaharlal Nehru Port Authority and the Maharashtra Maritime Board under the banner of Vadhavan Port Project Limited. While JNPA will contribute 74% of the total project cost, the Maharashtra Maritime Board will cover the remaining 26%. To support this, the state government has approved the allocation of ₹3,040 crore for the Maharashtra Maritime Board, which will be released in phases based on demand.
The government has authorized the CEO of the Maharashtra Maritime Board in Mumbai to transfer this fund to Vadhavan Port Project Limited. Moreover, the revenue generated from Vadhavan Port will be proportionately shared with the state government as part of this funding arrangement.
In addition to the funding, the Maharashtra government has also granted approval for the project to raise a loan of ₹7,094 crore, which represents 24% of the total ₹27,283 crore loan required for Vadhavan Port development. This loan will be raised by Vadhavan Port Project Limited, and the Maharashtra Maritime Board has been authorized to proceed with the loan procurement process.
Minister Nitesh Rane’s continued efforts in pushing for the funding and loan approval have played a crucial role in securing these essential financial resources for the project.
