PIB News Update: Minister of State for Shipping (I/C) Shri Mansukh Mandaviyain has informed that Government of India has accorded in-principle approval to develop port at Vadhavan in Maharashtra on landlord model by a Special Purpose Vehicle (SPV) incorporated under Companies Act, 2013 with Jawaharlal Nehru Port Trust (JNPT) as a lead Partner.
The project is proposed to be financed through a blend of equity and debt. The SPV will provide equity and raise debt from multilateral financial institutions.
The Project has been planned to be completed in two phases. First phase is planned to be ready for operation in five years, subject to necessary statutory clearances and investment approval.