The Indian cabinet recently approved in principle setting up a major port at Vadhavan near Dahanu in Maharashtra at a cost of rs. 65,544.54 cr. The decision was taken at a meeting chaired by Prime Minister Narendra Modi. A special purpose vehicle (SPV) will be formed with the Jawaharlal Nehru Port Trust (JNPT) as the lead partner to implement the project. The equity participation with JNPT will be equal to or more than 50 per cent, according to an official statement.

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