APM Terminals has signed an agreement with Jawaharlal Nehru Port Authority (JNPA) to develop a new container terminal at the proposed Vadhavan Port project in Maharashtra.
The mega project will be set up at an estimated cost of Rs 76,220 crore and have a capacity to handle annual cargo of 23 million twenty-foot equivalent unit (TEUs)/ 254 million tonne.
A Memorandum of Understanding (MoU) was signed by Minister of Ports, Shipping and Waterways Sarbananda Sonowal and Global Chief Executive Officer of APM Terminals Keith Svendsen during the Vibrant Gujarat Global Summit 2024 in Gandhinagar on Thursday, according to a statement.
APM Terminals signed the pact with JNPA on the development of a new container terminal at the mega port project coming up at Vadhavan in Maharashtra, it said.
"We believe that the location of Vadhavan combined with our ability to build and operate leading ports in the world, creates an attractive opportunity to support the growth of the local manufacturers, exporters, importers, and the regional economy in general," Jonathan Goldner, Regional Managing Director APM Terminals Asia Middle East, said.
The investment will boost the local economy by creating job opportunities, he said without sharing any financial details.
Located on the west coast at about 150 kilometres north of Mumbai, Vadhavan Port is expected to be an ambitious and important port project, being undertaken by the Government of India.
It has a natural draft of about 20 metres and will have connectivity to the National Highway Road network and the Dedicated Freight Corridor (DFC) rail network.
APM Terminals develops and operates advanced container terminals around the world. It has over 22,000 employees working in 65 terminals, globally.