TIL to Invest Rs 20,000 Cr in Vadhvan Port Development

Mumbai, Dec 23 (PTI) Jawaharlal Nehru Port Authority on Monday said Switzerland-based Terminal Investment Limited Sarl (TIL) has proposed to invest an estimated Rs 20,000 crore for the development of the Vadhvan Port and the surrounding ecosystem.

The facility, being developed near 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 Jawaharlal Nehru Port Authority (JNPA) holds a 74 per cent stake and Maharashtra Maritime Board owns the remaining 26 per cent.

JNPA said it has signed a memorandum of understanding (MoU) with TIL for this purpose, and the collaboration is a step further in improving port infrastructure in the country and turning Vadhvan Port into a world-class port of the future.

According to the initial pact, TIL has proposed to invest an estimated Rs 20,000 crore for the development of the Vadhvan Port and the surrounding ecosystem, JNPA said.

TIL has a diverse portfolio of container terminals, strategically located at key ports on the world's major shipping routes, providing access to key mature and developing markets.

"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," said Unmesh Sharad Wagh, IRS, Chairman, JNPA and CMD, VPPL.

Together, the two partners aim to create a port ecosystem that sets new benchmarks in efficiency and innovation, he added.