Shipping Ministry Inks Pacts for ₹30,000 Crore Investments at Vibrant Gujarat Summit

In a significant development during the Vibrant Gujarat Global Summit 2024, the Ministry of Ports, Shipping, and Waterways (MoPSW) announced the signing of preliminary agreements for investments amounting to ₹30,000 crore. The ministry highlighted that the agreements were a testament to the robust economic prospects and strategic initiatives within the maritime sector.
As part of the announcements, APM Terminals and Jawaharlal Nehru Port Authority (JNPA) inked Memorandums of Understanding (MoUs) worth ₹20,000 crore, signifying their commitment to invest in the Vadhavan Port Project. The proposed Vadhavan port, situated in Maharashtra, holds a crucial position in the government's agenda. It is designed to handle an annual cargo capacity of 23 million TEUs (twenty-foot equivalent units) or 254 million tons. The port's notable features include a natural draft of 20 meters, enabling it to accommodate larger container vessels of up to 20,000 TEUs. Upon completion, the Vadhavan Port Project is anticipated to rank among the world's top 10 largest ports and serve as a significant green fuel hub.
In addition to this, a Memorandum of Understanding has been signed between Deendayal Port Authority (DPA), Kandla, and Umeandus Technologies India Private Limited, marking an investment commitment of ₹10,000 crore for enhancing transportation and logistics infrastructure.
During the summit, Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways, highlighted the progress under the Sagarmala Programme. Fourteen projects, with a cumulative value of ₹55,800 crore, have been identified, with nine projects totaling ₹45,800 crore already completed. This underscores the government's commitment to fostering growth and development in the maritime sector through strategic initiatives and investments.
HBL