Terminal Investment Ltd Sarl (TIL) has signed a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA), proposing to invest Rs 20,000 crore for constructing the Vadhvan Port Project.
TIL, headquartered in Geneva, invests in, develops, and manages container terminals across the globe.
It is active in 31 countries across five continents. Put together, 70 container terminals, in which the company owns a stake, handled about 65 million twenty-foot equivalent units (TEUs) in 2023.
TIL’s majority owner and main customer is the Mediterranean Shipping Company (MSC), the world’s largest shipping line.
JNPA announced the development on Monday.
Unmesh Sharad Wagh, IRS, chairman at JNPA and chief managing director (CMD) of the Vadhvan Port Project (VPPL), said, “The MoU with TIL Sàrl marks a significant step in our vision for the Vadhvan port, which is poised to redefine port infrastructure in India. This partnership not only reflects the confidence of global investors in India’s maritime sector but also ensures the integration of cutting-edge technology, sustainable practices, and world-class infrastructure. Together, we aim to create a port ecosystem that sets new benchmarks in efficiency and innovation.”
The largest port project in India, the Vadhvan port, is worth Rs 76,220 crore. VPPL is a special-purpose vehicle (SPV) assigned the job of the port’s development. Overall, the project is being implemented by the JNPA and Maharashtra Maritime Board (MMB) with a shareholding of 74 per cent and 26 per cent, respectively.
The first phase of the project is estimated to be completed by 2029.
According to Sarbananda Sonowal, minister of ports, shipping, and waterways (MoPSW), the Vadhvan port will be one of the top 10 container-handling ports globally, once complete.
Moreover, the project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including around 23.2 million TEUs of container handling capacity.
The all-weather greenfield deep draft port is situated in Vadhavan, Palghar district of Maharashtra. It is being developed via a public-private partnership (PPP).
The project may create 1.2 million job opportunities, according to Sonowal.