The Union Cabinet approved the development of an all-weather greenfield deep draft major port at Vadhavan in Maharashtra, with a project cost of Rs 76,200 crore.
According to an official statement, the port will be constructed by Vadhavan Port Project Limited (VPPL), a special purpose vehicle (SPV) created by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board (MMB). The JNPA will hold a 74 percent share in VPPL, while the MMB will hold the remaining 26 percent.
