The
Vadhavan port will be built on India’s western coast, about 150 km
(93 miles) from financial capital Mumbai, for 762 billion Indian rupees ($9.14
billion), Information Minister Ashwini Vaishnaw told reporters.
The port will include
terminals to accommodate “mega vessels” and terminals for petroleum, automobiles and other
imports, with annual capacity of 298 million metric tons, Vaishnaw said. He
added that the first of two phases of construction is expected to be completed
by 2029.
“This
will be an integral part of (the) India-Middle East corridor,” Vaishnaw said,
referring to the plan announced in September on the sidelines of the
G20 summit in New Delhi. “This will
be a major multiplier of economic activity in the future.”
($1 = 83.3870 Indian
rupees)