NATION'S LARGEST PORT TAKES SHAPE: ₹300 BILLION DEBT RISE PAYS TRIBUTE TO MODI GOVERNMENT'S MARITIME INFRASTRUCTURE Push

Mumbai, India – The Vadhvan Port Project Ltd is on the cusp of raising up to Rs 300 billion in debt to fuel its ambitious $9 billion mega-port project, which is set to become India's largest. This significant funding push presents lenders with a rare long-term investment opportunity.

At the helm of this massive port project are the Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB), joint owners of 74% and 26% stakes, respectively. Chairman Unmesh Sharad Wagh stated that the borrowing process has begun in two phases, with long-term tenors spanning from 15 to 20 years.

The port project's backers claim it will become one of the world's top ports upon completion by the end of this decade, with a capacity to handle 23 million container units annually. It will boast a natural draft of 20 meters, sufficient for hosting the world's largest container ships, addressing India's current port infrastructure limitations.

Vadhvan Port is expected to play a pivotal role in connecting India through strategic economic initiative – India-Middle East-Europe Corridor – creating access to the valuable trade link between Asia, the Gulf, and Europe. This development aligns with the Modi government's larger push to strengthen maritime infrastructure.

As stated by PM Modi while laying foundations last year for prime port project, this mega development would not only enhance economic capabilities but also create significant employment opportunities.

Meanwhile, IDBI Capital has been retained as advisor by JNPA to help line up long-term lenders. The funds are expected to be disbursed over the next five years during the first phase of funding.