Shipping Ministry signs pacts for Rs 30,000 cr investments during Vibrant Gujarat Summit

New Delhi: The Ministry of Ports, Shipping, and Waterways (MoPSW) on Thursday said it has signed initial agreements for investments worth Rs 30,000 crore during the Vibrant Gujarat Global Summit 2024.

In a statement, the ministry said during the event APM Terminals and Jawaharlal Nehru Port Authority (JNPA) signed Memorandum of Understanding (MoUs) worth Rs 20,000 crore, expressing their intent to invest in the Vadhavan Port Project.

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The proposed Vadhavan port in Maharashtra is a high-priority initiative for the government, the port is designed to handle an annual cargo capacity of 23 million TEUs (twenty-foot equivalent units) or 254 million tons, boasting a natural draft of 20 meters to accommodate larger container vessels of up to 20,000 TEUs.

Once completed, the project will rank among the world's top 10 largest ports and serve as a significant green fuel hub, the statement said.

According to a statement, a memorandum of understanding between Deendayal Port Authority (DPA), Kandla and Umeandus Technologies India Private Limited has been signed for investment worth Rs 10,000 crore for improving transportation and logistics infrastructure.

During the event, Ports, Shipping, and Waterways minister Sarbananda Sonowal said under the Sagarmala Programme, 14 projects worth Rs 55,800 crore have been identified, with 9 projects totalling Rs 45,800 crore already completed.

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