News:Union Cabinet has given its approval for setting up a Major Port at Vadhavan near Dahanu in Maharashtra.
About Vadhavan Port:
- The Vadhavan port will be the 13th major port in the country.It will be developed on a landlord based model.
- A special purpose vehicle (SPV) will be formed with Jawaharlal Nehru Port Trust(JNPT) as the lead partner with the government holding 51% stake.
About Landlord Based Model:
- In the landlord port model,the publicly governed port authority acts as a regulatory body and as landlord while private companies carry out port operations mainly cargo-handling activities.
- The port authority maintains ownership of the port while the infrastructure is leased to private firms.
- In return, the landlord port gets a share of the revenue from the private entity.
About Jawaharlal Nehru Port:
- Jawaharlal Nehru Port Trust (JNPT) was established in 1989.It is located east of Mumbai in Navi Mumbai, Maharashtra.
- It is the biggest container port in India and the 28th largest in the world. But with the development of Vadhavan port,India will be in the top 10 container ports in the world.