Maritime boost: India's largest port project eyes raising $ 3.5 billion debt; Vadhvan gears up for global trade role
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.
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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.
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