UAE's NMDC Group Commits ₹21,000 Crore to Boost India's Maritime Infrastructure

NMDC Group PJSC, formerly known as National Marine Dredging Company PJSC, has signed a Memorandum of Understanding with Jawaharlal Nehru Port Authority (JNPA) to invest approximately ₹21,000 crore in the Vadhvan Port project. This significant investment will fund dredging, reclamation, and shore protection for the new port in Maharashtra's Palghar district. The project aims to enhance India's shipping capabilities and create substantial employment opportunities. JNPA holds a 74% stake in the special purpose vehicle developing the port, with the remaining 26% owned by Maharashtra Maritime Board. This collaboration marks a major step in India's maritime growth strategy.

 

Source: The Free Press Journal, The Economic Times