Mumbai: The state govt on Tuesday approved a fund of Rs 3,400 crore for the Maharashtra Maritime Board (MMB) for the Vadhvan port development project.
Officials said this was the govt contribution of 26% of the total project cost. Vadhvan port in Dahanu taluka of Palghar district will be developed as a satellite port of the Jawaharlal Nehru Port Authority (JNPA). JNPA will spend the remaining 74% of the project cost of Rs 76,220 crore. With fisheries and port development minister Nitesh Rane pushing for it, a govt resolution (GR) to the effect was issued.
“The development of the port sector is of utmost importance for achieving the economic and industrial development of the state. There is a need to create various port projects in the state with modern infrastructure for import and export through water transport. And that is why, keeping in mind this need for the future, it has been decided to develop Vadhvan port in Dahanu taluka of Palghar district as a satellite port of the Jawaharlal Nehru Port Authority (JNPA),” an official said.
“Vadhvan port will be the largest port in the country, and the total cost of this project is Rs 76,220 crore. This project will be developed through Ms Vadhvan Port Project Ltd in a joint partnership between JNPA and MMB. JNPA will spend 74% of the total project, and MMB will spend 26%. So the state govt has approved a fund of Rs 3,400 crore as 24% to MMB for the construction of this port,” the official said.
“Funds will be made available in phases as per the demand. Also, the authority to transfer the said fund to Vadhvan Port Project Ltd has been given to the MMB CEO. MMB has to give the state govt its share of the revenue received from Vadhvan Port Project Ltd in the same proportion as the funds. MMB also has the authority to take a loan of around Rs 7,094 crore, which is 24% of MMB’s share, out of the Rs 27,283 crore to be raised through Vadhvan Port Project Ltd. For this, Rane followed up and made funds available through the state govt and has also approved the raising of the loan,” officials said.