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Time of India
a day ago
- Business
- Time of India
Maritime boost: India's largest port project eyes raising $ 3.5 billion debt; Vadhvan gears up for global trade role
In a major push for India's port and maritime sector, Vadhvan Port Project Ltd, the firm behind what is set to become the country's largest port—is gearing up to raise up to Rs 300 billion (approximately $3.5 billion) in debt, presenting lenders with a rare long-term investment opportunity. The Vadhvan Port Project Ltd, located just north of Mumbai, is being steered by the Jawaharlal Nehru Port Authority (JNPA), which holds a 74% stake, alongside the Maharashtra Maritime Board (MMB), which owns the remaining 26%, Bloomberg reported. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman of JNPA and managing director of Vadhvan Port Project Ltd. The proposed borrowings will span tenors of 15 to 20 years, and the firm is considering both onshore and offshore markets for raising funds. The $9 billion mega-port, for which Prime Minister Modi laid the foundation stone last year, is expected to be completed by the end of the decade. Once operational, it will have the capacity to handle 23 million container units annually, making it one of the world's ten largest ports, project backers claim. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kanada'daki 350.000 yeni nitelikli göçmenden biri olun Canada Immigration Express Şimdi başvur Undo For the first phase of funding, IDBI Capital has been appointed as an advisor to help line up long-term lenders, with a target of at least ₹220 billion. A request for proposals is expected to be floated between October and December this year. The funds will be disbursed over the next five years. In addition to the debt, JNPA and MMB will inject approximately Rs130 billion in equity. The project team is also engaging with multilateral agencies and has begun work on reclaiming 1,200 hectares of land. With a natural draft of 20 metres, Vadhvan Port will be capable of hosting the world's largest container ships — a key shortcoming of India's current port infrastructure that has forced some vessels to bypass the country entirely. Vadhvan is also expected to play a pivotal role in the proposed India-Middle East-Europe Corridor, a strategic economic initiative to create a robust trade link connecting Asia, the Gulf and Europe. The port's development aligns with the Modi government's broader push to strengthen maritime infrastructure. In February's budget, the Centre proposed a dedicated Maritime Development Fund aimed at supporting the sector with financial assistance through equity or debt instruments. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
a day ago
- Business
- Economic Times
India's largest port in the making to raise Rs 30,000 crore debt
AP This is a representative image. The firm building what will become the largest port in India plans to raise as much as 300 billion rupees ($3.5 billion) of debt, giving lenders an opportunity to invest in one of the cornerstones of Prime Minister Narendra Modi's infrastructure overhaul. Owners of the Vadhvan Port Project Ltd., located a few hours north of Mumbai, are looking to raise debt with tenors in the range of 15 to 20 years. They're considering onshore and offshore markets to raise the funds, according to a top official. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman at Jawaharlal Nehru Port Authority, or JNPA, which holds a 74% stake. The Maharashtra Maritime Board owns the remaining 26%. The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port's foundation stone last year. Upon completion, which is expected toward the end of the decade, Vadhvan will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world, according to its backers. IDBI Capital was appointed as advisor to help lineup long term lenders for the first round of funding, with a target of at least 220 billion rupees, Wagh said. The funds will be disbursed over the next five years, and the request for proposals from lenders will be floated during the October to December quarter. JNPA and MMB will jointly infuse about 130 billion rupees worth of equity into the project, said Wagh, who is also chairman and managing director of Vadhvan Port Project. The firm is in talks with multilateral agencies, and is working on reclaiming 1,200 hectares of land, he added. Bolstering the country's maritime infrastructure is a priority for Modi's administration. Through the country's annual budget in February, the government proposed a Maritime Development Fund to support the sector through financial assistance via equity or debt securities. Some of the largest container ships have been forced to skip India because none of its existing ports are deep enough to receive them. Vadhvan's natural depth of 20 meters would allow some of the largest ships to dock. It would also serve as a starting point for the so-called India-Middle East-Europe Corridor, a planned economic link aimed at developing new trade routes between the regions.
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Business Standard
a day ago
- Business
- Business Standard
India's largest port builder to raise ₹30,000 cr for Vadhvan project
The firm building what will become the largest port in India plans to raise as much as ₹30,000 crore ($3.5 billion) of debt, giving lenders an opportunity to invest in one of the cornerstones of Prime Minister Narendra Modi's infrastructure overhaul. Owners of the Vadhvan Port Project Ltd., located a few hours north of Mumbai, are looking to raise debt with tenors in the range of 15 to 20 years. They're considering onshore and offshore markets to raise the funds, according to a top official. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman at Jawaharlal Nehru Port Authority, or JNPA, which holds a 74 per cent stake. The Maharashtra Maritime Board owns the remaining 26 per cent. The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port's foundation stone last year. Upon completion, which is expected toward the end of the decade, Vadhvan will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world, according to its backers. IDBI Capital was appointed as advisor to help lineup long term lenders for the first round of funding, with a target of at least ₹22,000 crore, Wagh said. The funds will be disbursed over the next five years, and the request for proposals from lenders will be floated during the October to December quarter. JNPA and MMB will jointly infuse about ₹13,000 crore worth of equity into the project, said Wagh, who is also chairman and managing director of Vadhvan Port Project. The firm is in talks with multilateral agencies, and is working on reclaiming 1,200 hectares of land, he added. Bolstering the country's maritime infrastructure is a priority for Modi's administration. Through the country's annual budget in February, the government proposed a Maritime Development Fund to support the sector through financial assistance via equity or debt securities. Some of the largest container ships have been forced to skip India because none of its existing ports are deep enough to receive them. Vadhvan's natural depth of 20 meters would allow some of the largest ships to dock. It would also serve as a starting point for the so-called India-Middle East-Europe Corridor, a planned economic link aimed at developing new trade routes between the regions.
The Hindu
2 days ago
- Politics
- The Hindu
Residents of Sheva Koliwada move Bombay HC over four-decade wait for rehabilitation
Residents of Sheva Koliwada in Uran taluka of Raigad district, Maharashtra, who have spent the past 40 years in a transit camp, have approached the Bombay High Court against multiple authorities — including the Jawaharlal Nehru Port Authority (JNPA), the Ministry of Ports, Shipping and Waterways, the Divisional Commissioner of Konkan Division, the Raigad District Collector, and CIDCO — alleging false assurances regarding rehabilitation. Filed under Articles 226 and 227 of the Constitution, the petition seeks judicial directions against JNPA for what the petitioners describe as a gross failure to fulfil statutory obligations under the Maharashtra Project Affected Persons Rehabilitation Act, 1976. The petitioners — the Maharashtra Small Scale Traditional Fish Workers Union, represented by its president Nandkumar W. Pawar and secretary Ramesh B. Koli — are seeking appropriate orders for permanent and adequate rehabilitation of 256 families displaced due to land acquisition for the Jawaharlal Nehru Port Project (JNPT). The petition urges time-bound implementation of a rehabilitation plan approved on January 24, which includes the allocation of 10.16 hectares of land, interim relief, compensation for prolonged displacement, and the appointment of a court-monitored committee to oversee the implementation process. The prolonged struggle has drawn media and administrative attention in recent years. A report titled '40 years in a transit camp' published in The Hindu on November 16, 2024, and a follow-up story on November 20, 2024, highlighted electoral boycotts by the affected community. Following the coverage, officials from the Election Commission of India and the Raigad District Collector visited the area, promising to convey residents' demands to higher authorities. On December 19, 2024, a senior Union government official gave a verbal assurance that permanent housing would soon be provided. However, on April 14, more than 400 residents protested outside the tehsildar's office, displaying a photograph of Dr. B.R. Ambedkar and a copy of the Constitution, in a symbolic plea for justice. The protest was held to draw attention to the community's displacement and the delay in rehabilitation by the State and Central governments. Also Read | Party workers tried to force us to vote, Sheva Koliwada transit camp residents say The petition, filed through advocate Siddharth Sonaji Ingle, also seeks ₹50 lakh compensation for each family, citing 'undue hardship, delay, and mental anguish' caused by the non-implementation of rehabilitation measures despite multiple government assurances over four decades. The residents have also demanded immediate upgrades to existing transit camp facilities, including provision of safe drinking water, sanitation, drainage, reliable electricity, structural safety, and other essential services for the project-affected families. Mr. Ramesh Koli, 65, said, 'We have had several meetings with all kinds of government officials all these years, from CMs, to Guardian Ministers, to different Union ministers... We staged protests, filed RTIs, took the matter to Lokayukta, we have been made to run from pillar to post... governments changed in this State and country, but we have remained in the same transit camp, waiting for our independence, hoping some day we will get our lost homes, our village that the country took away from us in the name of development and forgot about the people behind the mega project.' He further stated that affected families were given assurances of employment and local business opportunities during the displacement process. 'But till date no one from affected fisherfolk families received any employment or any business to sustain their families,' he said. 'We are aboriginal, indigenous community of this region who have lost everything under the guise of development. Traditional fishing practices have dwindled due to fishing zones being allotted for various projects and heavy industrial pollution. We are left with no future for our young generation despite the fact that several coastal projects are running their business on our traditional fishing land. Is this democracy or dictatorship?' Mr. Koli added.
Business Standard
13-06-2025
- Business
- Business Standard
Global Maritime Diplomacy, Logistics Leadership & VVIP Networking In Mumbai
PNN Mumbai (Maharashtra) [India], June 13: The upcoming 9th Edition of India Maritime Awards 2025, scheduled for Friday, 20th June 2025, at Hotel Sahara Star, Mumbai, is set to be one of the most influential maritime logistics events in India. More than just an awards ceremony, #IMA2025 is a convergence of global maritime diplomacy, shipping leadership, and logistics innovation bringing together an august gathering of over 600 leaders, dignitaries, and professionals from the global maritime and logistics ecosystem. This year's event launches with a compelling VVIP Networking and Knowledge Session featuring Global Ambassadors and key Indian dignitaries, providing a rare platform for strategic exchange under the impactful theme: "Global Synergy: Where Trade Meets Transformation." Link to Register - A LEGACY OF EXCELLENCE BY DAILY SHIPPING TIMES Organised by Daily Shipping Times (DST) -- proudly serving the trade for 65 remarkable years -- India Maritime Awards is a platform of purpose. The 2025 edition opens unique opportunities for Indian Industry Leaders to directly engage with visionary diplomats, shape policy, and drive India's maritime and logistics transformation. This dialogue-rich initiative continues DST's mission of building a future-ready logistics ecosystem through global perspective and purposeful interactions. ESTEEMED CHIEF GUEST AND GUEST OF HONOUR Chief Guest: Shri Unmesh Sharad Wagh, IRS, Chairman JNPA and CMD VPPL, will grace IMA 2025. A visionary maritime leader, Shri Wagh has steered JNPA past 10 million TEUs in capacity and is championing the Vadhvan Port Project, poised to become Asia's largest deep-draft green port. Guest of Honour: Shri Haji Arfat Shaikh, BJP Leader and President of BJP Transport Cell & All India Suffi Board, adds significant gravitas with his experience as Ex-Chairman, Maharashtra State Minorities Commission (Cabinet Minister Status). His presence reinforces the event's commitment to policy dialogue and trade facilitation. A CONSTELLATION OF GLOBAL DIPLOMATS In line with the global focus on this year's edition, the VVIP Knowledge Session will welcome an elite line up of International Ambassadors: H.E. Mr. Isse Abdillahi Assoweh, Ambassador Extraordinary & Plenipotentiary of the Republic of Djibouti to India, will offer insights on infrastructure-led trade and digital logistics transformation. H.E. Mr. Fesseha Shawel Gebre, Ambassador of the Federal Democratic Republic of Ethiopia to India, will speak on Ethiopia's maritime infrastructure and its role in the Indo-African trade axis. H.E. Mr. Mustapha Jawara, Ambassador of the Republic of The Gambia to India, will highlight digital logistics and regional collaboration with India. H.E. Dr. Abdullahi Mohammed Odowa, Ambassador of the Federal Republic of Somalia, will address maritime security and India-Somalia cooperation along the Red Sea. H.E. Mr. Alonso Correa Miguel, Ambassador of the Republic of Panama to India, will share insights on strengthening Indo-Panama maritime cooperation and advancing trade-led innovation. BRIDGING CONTINENTS: ESTEEMED MODERATOR The session will be moderated by Mr. Vishal P. Mehta, Honorary Consul of Djibouti in India and CEO of Pankaj Transport, Rushabh Sealink and Logistic Pvt. Ltd. Known for his strategic insight and cross-border experience, Mr. Mehta ensures a dynamic and inclusive dialogue linking diplomatic vision with actionable trade strategies. The Exclusive VVIP Gold Invite grants attendees access to a premium set of experiences including VVIP networking with international ambassadors and key Indian dignitaries, a VVIP knowledge session with these prominent figures, high-tea, the awards ceremony with general networking, and beverages and dinner. The General Blue Invite, on the other hand, includes access to high-tea, the awards ceremony with general networking, and beverages and dinner. However, it does not grant entry to the exclusive VVIP networking or the VVIP knowledge session with international ambassadors and Indian dignitaries. WHAT TO EXPECT FROM INDIA MARITIME AWARDS 2025 India Maritime Awards 2025 is not just a night of accolades. It is a commitment to driving innovation, recognizing maritime excellence, and fostering cross-border trade synergy. With an exclusive VVIP session, powerful insights, and diplomatic participation, #IMA2025 sets the stage for the next era of global logistics leadership. Date: Friday, 20th June 2025 Venue: Sapphire Ballroom, Hotel Sahara Star, Mumbai JOIN THE MOVEMENT: WHERE LEGACY MEETS TRANSFORMATION #IMA2025 is where India's logistics community, shipping pioneers, and policy influencers unite to shape a resilient and interconnected trade future. Be part of a platform that's leading with legacy, driving global collaboration, and championing the maritime economy of tomorrow. India Maritime Awards 2025: Where transformation meets tradition, and global voices inspire India's next wave of trade leadership. Register now - Follow @DailyShippingTimes on LinkedIn, Twitter, and Instagram using #IMA2025, #IndiaMaritimeAwards, and #DSTEvents for live updates and highlights.
