The UAE-based NMDC Group signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to invest Rs 21,000 crore in the Vadhavan Port project in Palghar.

The money will be used to develop offshore land for the ambitious Rs 76,200-crore port project through dredging, reclamation, and shore protection. 

The NMDC Group, formerly the National Marine Dredging Company, is a marine dredging and construction company based in Abu Dhabi.

“The MoU between JNPA and NMDC Group PJSC is a significant step towards developing Vadhavan Port as a world-class maritime hub,” JNPA chairperson Unmesh Sharad Wagh was quoted as saying. 

“This collaboration brings global expertise to one of India’s most ambitious port projects, ensuring its strategic and sustainable development. With progress ahead of schedule, we are committed to accelerating infrastructure development and enhancing India’s port capabilities to meet future trade demands,” added Wagh, who is also the managing director of the Vadhvan Port Project Limited, a special purpose vehicle formed by the JNPA and the Maharashtra Maritime Board to construct the port.