The Vadhvan Port Project, set to be India’s largest port, plans to raise up to $3.5 billion in long-term debt, offering lenders a chance to invest in a key part of Prime Minister Modi’s infrastructure vision. The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port’s foundation stone last year. Owned mainly by Jawaharlal Nehru Port Authority and Maharashtra Maritime Board, upon completion towards the end of the decade, will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world. 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. 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 (ICE NEW DELHI)

Fonte notizia: Economic Times