NMDC Group PJSC has inked an investment proposal worth Rs 21,000 crore with Jawaharlal Nehru Port Authority (JNPA) for the upcoming greenfield Vadhvan Port project in Palghar district of Maharashtra.

Under the memorandum of understanding (MoU) signed between JNPA Chairman and Managing Director Unmesh Sharad Wagh and NMDC Group Chief Executive Officer Yasser Zaghloul, the latter would make this investment for the development of the land offshore of Vadhvan coast by dredging, reclamation and shore protection of the to-be-built facility.

The new port, which will come up at Dahanu in Palghar district of Maharashtra at an investment of Rs 76,200 crore, is being developed by Vadhvan Port Project (VPPL). VPPL is a special purpose vehicle, with JNPA holding a 74 per cent stake and Maharashtra Maritime Board owning the remaining 26 percent. The move reflects JNPA commitment to enhance India's port infrastructure, and transforming Vadhvan Port into a future-ready port.