Reuters, NEW DELHI – The government of India said that the approval of the construction of a new deep-water port by the cabinet on Wednesday is an essential component of their strategy to link the Asian nation with Europe via rail and marine routes via the Middle East.
Information Minister Ashwini Vaishnaw informed reporters that the Vadhavan port will be constructed for 762 billion Indian rupees ($9.14 billion) on the country’s western coast, around 150 km (93 miles) from Mumbai, the nation’s financial center.
With an annual capacity of 298 million metric tons, the port will include terminals to handle “mega vessels” as well as terminals for fuel, autos, and other imports, according to Vaishnaw. He also said that the building is projected to be finished in two parts by 2029.
“This will be a major multiplier of economic activity in the future.”
$1 is equal to 83.3870 Indian rupees.
