Jawaharlal Nehru Port Authority (JNPA), along with Maharashtra Maritime Board (MMB), will invest Rs 13,000 crore to start Phase-I of the construction of Vadhavan port in Maharashtra.

The construction of roads will begin just after the monsoon, and by next year, it will begin the work of reclaiming 1,448 hectares of land from the sea for the port.

The first phase of the Vadhavan port project near Dahanu in Palghar is targeted to be completed by 2029. A special purpose vehicle (SPV), Vadhvan Port Project has been formed by JNPA and MMB with 74 percent shareholding and 26 percent, respectively.

Power Finance Corporation has already sanctioned Rs 22,000 crore loan for the port. The total project cost is estimated at Rs 76,220 crore, of which Rs 50,000 crore will be required in the first phase. The rest would be sourced either as loans or through the PPP model.

Once completed, the port will have a capacity to handle 24 million TEUs. The port will be constructed six km inside the sea by reclaiming land, with breakwater of 10 km.