Swiss Giant TIL commits ₹20,000 Crore to Vadhvan Port, aiming to build India’s Global container hub
GENEVA : Terminal Investment Ltd Sarl (TIL) has entered into a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to invest Rs 20,000 crore in the development of the Vadhvan Port Project.
TIL, a global leader in container terminal investment and management, operates across 31 countries on five continents. In 2023, its portfolio of 70 container terminals handled approximately 65 million twenty-foot equivalent units (TEUs).
The company’s majority owner and primary customer is the Mediterranean Shipping Company (MSC), the world’s largest shipping line. The announcement was made by JNPA on Monday (23 November).
The Vadhvan Port, located in Maharashtra’s Palghar district, is India’s largest port project, with an estimated cost of Rs 76,220 crore. The project is being executed by the Vadhvan Port Project Ltd (VPPL), a special-purpose vehicle (SPV) established by JNPA and the Maharashtra Maritime Board (MMB), holding 74 per cent and 26 per cent stakes, respectively.
Unmesh Sharad Wagh, Chairman of JNPA and CMD of VPPL, highlighted the significance of this partnership and said, “The MoU with TIL Sàrl marks a significant step in our vision for the Vadhvan port, which is poised to redefine port infrastructure in India.”
“This partnership not only reflects the confidence of global investors in India’s maritime sector but also ensures the integration of cutting-edge technology, sustainable practices, and world-class infrastructure. Together, we aim to create a port ecosystem that sets new benchmarks in efficiency and innovation,” he added.
The first phase of the port is expected to be operational by 2029, with a projected cumulative capacity of 298 million metric tonnes (MMT) per annum, including 23.2 million TEUs for container handling.
The port will be one of the top 10 container-handling ports globally upon completion, according to Shri Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways.
The all-weather greenfield deep draft port is being developed under a public-private partnership (PPP) model and is anticipated to generate 1.2 million job opportunities.