TIL to invest Rs 20,000 crore to develop Vadhvan Port 
News Updates

TIL to invest Rs 20,000 crore to develop Vadhvan Port

Jawaharlal Nehru Port Authority on Monday said Switzerland-based TIL has proposed to invest an estimated Rs 20,000 crore for the development of the Vadhvan Port and the surrounding ecosystem

PTI

New Delhi: Jawaharlal Nehru Port Authority on Monday said Switzerland-based Terminal Investment Limited Sarl (TIL) has proposed to invest an estimated Rs 20,000 crore for the development of the Vadhvan Port and the surrounding ecosystem.

The facility, being developed near Dahanu in Palghar district of Maharashtra at an investment of Rs 76,200 crore, is being developed by Vadhvan Port Project Ltd (VPPL).

PSU Watch is now on Whatsapp Channels. Click here to join

VPPL is a special purpose vehicle, wherein Jawaharlal Nehru Port Authority (JNPA) holds a 74 percent stake and Maharashtra Maritime Board owns the remaining 26 percent.

JNPA said it has signed a memorandum of understanding (MoU) with TIL for this purpose, and the collaboration is a step further in improving port infrastructure in the country and turning Vadhvan Port into a world-class port of the future.

According to the initial pact, TIL has proposed to invest an estimated Rs 20,000 crore for the development of the Vadhvan Port and the surrounding ecosystem, JNPA said.

TIL has a diverse portfolio of container terminals, strategically located at key ports on the world's major shipping routes, providing access to key mature and developing markets.

"This partnership not only reflects the confidence of global investors in India's maritime sector but also ensures the integration of cutting-edge technology, sustainable practices, and world-class infrastructure," said Unmesh Sharad Wagh, IRS, Chairman, JNPA and CMD, VPPL.

Together, the two partners aim to create a port ecosystem that sets new benchmarks in efficiency and innovation, he added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Stock markets trade higher in line with rally in global peers on US Fed rate cut hopes

Rajesh Gopalakrishnan appointed as Director (Technical) of CSL

Ajay Bhadoo (IAS) gets additional charge as Director General of DGFT

Bureaucratic Reshuffle: Govt announces major Secretary-level appointments across ministries

Manas Kaviraj appointed as Director (HR) of AWEIL