Reliance Industries, HUDCO and 2 others signs MoU to advance development projects at Vadhvan Port

In a strategic move, Reliance Industries Ltd signed a memorandum of understanding (MoU) with Vadhvan Port Project Limited (VPPL) for the allocation of a liquid jetty along with 50 acres at Vadhavan Port under the public-private partnership (PPP) model. The investment is estimated to be worth Rs 645 crore and is likely to commence by 2030.

Further, the Housing and Urban Development Corporation (Hudco), in an agreement with VPPL, has committed to provide funding of up to Rs 25,000 crore for the development of new ports and PPP projects. 

This strategic alliance leverages VPPL's expertise in implementing large-scale infrastructure projects and HUDCO's financial acumen to deliver impactful solutions in the infrastructure domain.

This partnership aligns with the broader vision of driving sustainable infrastructure development and is expected to catalyze significant progress in port development and other related projects, bolstering India's economic growth and global competitiveness.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : Coal Minister reviewed Mahanadi Coalfields Limited

Another MoU between VPPL and Dr. Balasaheb Konkan Krishi Vidyapeeth Dapoli (DBKKVD) was signed for the development and implementation integrated agricultural and horticultural plan for shortlisted villages in Dahanu and Palghar in and around Vadhavan.

Additionally, MoU was signed to pave the way for the setting up of a warehousing facility in the Port area under JNPA’s initiative to monetize vacant land parcels along with capacity development. An investment of Rs 300 crore is being fixed for the development of these ambient and temperature-controlled warehousing and CFS facilities.

Once fully operational, it will generate 1,20,000 TEUs annually. MoUs were also signed to develop Warehousing facilities, a Port Facilitation Centre along with a Business Facilitation Centre.  Shri Sonowal also performed Bhoomi Pujan for the development of a CBSE School building within the Port premises for community development through education.

Read Also : UCO Bank to raise Rs 2,000 crore through QIP in Q4