Why is it in the news?

• The Union Cabinet has given the green light for the establishment of a Greenfield Major Port in Vadhavan, Maharashtra.

More about the news

• Construction will be carried out by a Special Purpose Vehicle (SPV) created by the Jawaharlal Nehru Port Authority and Maharashtra Maritime Board.
• The port will be an all-weather Greenfield deep draft major port, built on undeveloped land from scratch.
• Aligned with the PM Gati Shakti program, the Vadhavan Port Project will be situated in Palghar District and will follow a landlord model through Public-Private Partnership (PPP).
• The port will be developed in two phases and will have a total capacity of 23.2 million TEUs, with a draft of 20 meters to accommodate mega vessels.
• Significance of the Project: Enhances Export-Import (EXIM) trade flow through IMEC (India Middle East Europe Economic Corridor) and INSTC (International North South Transportation Corridor) and reduces goods turnaround time with state-of-the-art infrastructure and modern technologies.