The Ministry of Ports, Shipping and Waterways on Friday announced the construction of a major port in Palghar, near the country's financial capital Mumbai, to facilitate trade through the International North-South Transportation Corridor (INSTC) and the India Middle East Europe Economic Corridor (IMEC).
The state-run Jawaharlal Nehru Port Authority and Maharashtra Maritime Board will have 74 and 26 percent share in the project, the statement said.
The port is set to have a total capacity of 298 million metric tonnes per annum (MMTPA).
As per the construction plan envisaged by the ministry, the project's construction, including the development of core infrastructure, terminals, and other commercial infrastructure will take place under a public-private partnership.
The development of this port will accommodate mainline mega vessels operating on international shipping routes connecting the Far East, Europe, the Middle East, Africa, and America.
The Indian government operates 12 major ports across the length and breadth of the country.
These are located in Chennai, Kolkata, Mormugao, Mumbai, Paradip, New Mangalore, Visakhapatnam, Cochin, Deendayal (Kandla), Jawaharlal Nehru (Nhava Sheva), V. O. Chidambaranar (Tuticorin), and Kamarajar Port Limited.
The forthcoming port in Palghar will become the nation's 13th major port under the Ministry of Ports, Shipping, and Waterways.