Mumbai: The Maharashtra Maritime Board (MMB) has joined hands with India’s top container port, Jawaharlal Nehru Port (JNPT), in a joint venture to develop an all-weather port at Wadhwan in Thane district of Maharashtra state.
The port project, which entails investment of over INR100bn ($1.57bn), will produce a facility capable to handling 100m tonnes of cargo per annum. The proportion of equity sharing is still to be finalised, but three options are being considered – 50:50, 51:49 and 74:26 in favour of JNPT.
The state-run MMB, which is not a cash-rich organisation, is expected to plump for the third option, and take its 26% equity stake in the form of land and related infrastructure. A final decision on this issue is to be taken later this week.
MMB officials said the port site was ideal, with a draught of 18 m, and excellent road and rail connections. “The port will be able to cater to increasing cargo traffic from this area, considering the constraints at Mumbai port and JNPT,” said an official.
Other ports in the state that are being proposed for upgradation include Dighi, Rewas, Jaigad, Vijaydurg, Karanja and Redi.