NMDC Group Invests Rs 21,000 Cr in Vadhvan Port Project

Mumbai, Feb 18 (PTI) NMDC Group PJSC has inked an investment proposal worth Rs 21,000 crore with Jawaharlal Nehru Port Authority (JNPA) for the upcoming greenfield Vadhvan Port project in Palghar district of Maharashtra, JNPA said on Tuesday.

Under the memorandum of understanding (MoU) signed between JNPA Chairman and Managing Director Unmesh Sharad Wagh and NMDC Group Chief Executive Officer Yasser Zaghloul, the latter would make this investment for the development of the land offshore of Vadhvan coast by dredging, reclamation and shore protection of the to-be-built facility.

NMDC Group was formerly known as National Marine Dredging Company PJSC.

The new port, which will come up at Dahanu in Palghar district of Maharashtra at an investment of Rs 76,200 crore, is being developed by Vadhvan Port Project Ltd (VPPL).

VPPL is a special purpose vehicle, wherein JNPA holds a 74 per cent stake and Maharashtra Maritime Board owns the remaining 26 per cent.

"NMDC Group PJSC has proposed to invest an estimated Rs 21,000 crore for the development of the land offshore of Vadhvan Coast by dredging, reclamation and shore protection of Vadhvan Port," JNPA said.

The investment proposal reflects JNPA commitment to enhance India's port infrastructure, and transforming Vadhvan Port into one of the top-10 ports globally and port of the future, it said.

It also noted that the initial pact showcases NMDC Group's commitment to India's maritime growth.

With its headquarters in Abu Dhabi, the Group has presence across the Middle East and beyond in the sectors such as engineering, marine dredging, procurement, and construction, JNPA added.