The Union Cabinet has approved the development of a Rs 76,220 crore all-weather greenfield deep draft major port at Vadhavan in Maharashtra, which, on completion, will be among the top 10 ports of the world.

The project will be implemented by a special purpose vehicle, Vadhavan Port Project, to be formed by the Jawaharlal Nehru Port Authority and the Maharashtra Maritime Board with a shareholding of 74% and 26%, respectively.

The project will be located 130 km from Mumbai and 150 km from the Jawaharlal Nehru Port Trust, the country’s largest container port.

The project cost includes the cost of land, development for core infrastructure, terminals and other commercial infrastructure in the public-private-partnerships mode.

The Cabinet also approved establishing the road connectivity between the port and national highways by the Ministry of Road Transport and Highways and rail linkage to the existing network and the upcoming Dedicated Rail Freight Corridor by the Ministry of Railways.