The Cabinet led by Prime Minister Narendra Modi has approved the construction of a new deep draft port at Vadhavan in Maharashtra, costing Rs 76,200 crore. Upon completion, this port, valued at Rs 76,200 crore, will rank among the world's top 10 ports. The project will be executed by Vadhavan Port Project Limited (VPPL), a special purpose vehicle (SPV) jointly formed by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board (MMB), holding 74% and 26% shares respectively, according to an official statement.
