UAE-based NMDC signs MoU with JNPA to invest ₹21,000 crore in the Vadhavan Port

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

According to a press release, the money will be used to develop offshore land for the ambitious ₹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.

Located around 130 km north of Mumbai near Dahanu on Maharashtra’s west coast, the all-weather port, approved by the union cabinet in June 2024, will be the biggest in the country. It will have a natural draft of 20 metres, allowing it to handle the largest ships in the world and be a vital trade corridor between India, West Asia and Europe. The first phase will be ready by 2029, while the second and final phase is expected to be completed by 2039.