Vadhavan Port Development Project in Maharashtra gets the Approval of the cabinet

Current Context: On 19th June 2024, The Cabinet approved the development of a major greenfield port at Vadhavan in Maharashtra. This port is a crucial part of the India-Middle East-Europe Economic Corridor (IMEEEC).

• Here are the key details:
• Investment: The project will entail an investment of Rs 76,200 crore.
• Capacity: Vadhavan port, located around 130 km from Mumbai, will be developed in two phases. By 2030, it will handle 23.3 million TEU (twenty-foot equivalent unit) containers. By 2039, it aims to be one of the 10 biggest ports in the world, with a cumulative capacity to handle 298 million tonnes of cargo per annum.
• Job Creation: The port is expected to create up to 12 lakh jobs.
• Infrastructure: It will have nine container terminals, four multipurpose berths, and four berths for handling liquid cargo.
• Connectivity: Around Rs 4,000 crore will be spent on building road and rail links to the port.
• Public-Private Partnership: A joint venture of the Jawaharlal Nehru Port Authority and the Maritime Board of Maharashtra will develop this infrastructure project on a public-private participation basis.

Question:

1 What is the estimated investment required for the development of the Vadhavan port?

• A) Rs 76,200 crore
• B) Rs 7,620 crore
• C) Rs 762 crore
• D) Rs 7620 crore

Answer: A) The project will entail an investment of Rs 76,200 crore.