India Invests $9 Billion In New Deep-Water Port To Boost Trade With Europe & Middle East

India’s cabinet has approved the construction of a new deep-water port, Vadhavan, on the country’s western coast, around 150 kilometres (93 miles) from Mumbai.

The port is expected to connect India to Europe via a sea and rail corridor across the Middle East.

The project, funded with 762 billion Indian rupees ($9.14 billion), intends to improve the country’s trade infrastructure and economic growth.

According to Information Minister Ashwini Vaishnaw, the Vadhavan port is planned to accommodate “mega vessels”.

It will include terminals for petroleum, autos, and other imports, with an annual capacity of 298 million metric tons.

The port’s strategic location north of Mumbai is crucial since current regional ports have restrictions.

Mumbai’s port has limited expansion potential due to its proximity to the city, while Jawaharlal Nehru Port is essentially a container handler.

Vadhavan port has a natural draft of up to 20 meters (65 feet), making it capable of handling the world’s largest ships.

It will be an all-cargo port with nine container terminals, each measuring 3,200 feet long, four multipurpose berths, including a coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.

The government intends to regain 1,448 hectares of sea area and build more than six kilometres of offshore breakwaters and cargo storage sites.

The port is scheduled to handle 15 million TEU per year by 2035, rising to 23 million TEU by 2040.

Vaishnaw highlighted that the Vadhavan port will be a vital part of the India-Middle East corridor, announced during the G20 conference in New Delhi.

This development is expected to greatly boost economic activity and transform India into a strong manufacturing powerhouse and major trading partner worldwide.

The first phase of construction is planned to be completed in 2029.

An Australian corporation proposed a port in 1997, but the project never moved forward.

The Indian government began designing Vadhavan in 2015, and the project was just approved.

This is one of the most ambitious projects under Prime Minister Narendra Modi’s administration, reflecting his goal of developing India into a first-world trading nation.

The port will be co-owned by the port authority and the Maharashtra Maritime Board, demonstrating a collaborative approach to infrastructure development.

Reference: Reuters

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Source: Maritime Shipping News