Paradip, Vizag Port Authorities and Sagarmala Finance Corp to Collaborate on ₹21,500 Crore Major New Port Project in Odisha.

In a significant development for India's maritime infrastructure, Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Ltd, and the Odisha government are set to jointly develop a new major port at Bahuda in Odisha’s Ganjam district, with an investment of approximately ₹21,500 crore. The project aims to establish a port with a capacity of 150 million tonnes (mt), making it the 14th major port owned by the Union government once operational.

The proposed port at Bahuda is expected to handle dry bulk ships with deadweight tons ranging from 40,000 to 150,000, as well as container vessels capable of accommodating 6,000 TEUs. The development follows a Pre-Techno Economic Feasibility Study conducted by the Odisha government, which underscores the port’s strategic importance in boosting regional trade and port-led industrialization.

A memorandum of understanding (MoU) for the project is scheduled to be signed on September 20 in Bhavnagar, Gujarat, in the presence of Prime Minister Narendra Modi. The agreement will involve key stakeholders, including Paradip and Visakhapatnam port authorities, Sagarmala Finance Corporation Ltd, and the Odisha government.

Sagarmala Finance Corporation Ltd, a non-banking financial company (NBFC) focused on maritime sector development, will play a crucial role in funding the port’s development. Registered with the Reserve Bank of India, the corporation plans to offer a range of tailored financial products—short-term, medium-term, and long-term loans—to support port modernization, connectivity, coastal community development, and related infrastructure projects. This initiative aims to catalyze port-led growth, enhance connectivity through road and rail links, and promote industrial development along Odisha’s coast.

Currently, India’s eastern ports include Paradip, Dhamra, and Gopalpur, with private ports at Dhamra and Gopalpur operated by Adani Ports and Special Economic Zone Ltd (APSEZ). Additionally, Tata Steel Ltd is developing a port at Subarnarekha Mouth (Kirtania), and Navayuga Engineering Company Ltd is working on another port at Astaranga, indicating a robust port development ecosystem in the region. The Bahuda project promises to further strengthen India’s maritime infrastructure and economic prospects.