Reliance Industries Ltd has signed a Memorandum of Understanding (MoU) with Vadhvan Port Project Ltd to develop a liquid cargo jetty and a tank farm spanning 50 acres at the upcoming Vadhvan Port in Palghar taluka. The Rs 6.45 billion project is designed to support Reliance’s petrochemical units in the region. The MoU, signed in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping, and Waterways, mandates Reliance to participate in a transparent bidding process for the development of the jetty and six liquid storage tanks under a public-private partnership (PPP) model. The jetty and tank farm will enhance logistics operations for Reliance’s planned petrochemical facilities. Vadhvan Port Project Ltd, a joint venture between the Jawaharlal Nehru Port Authority (74% stake) and the Maharashtra Maritime Board (26% stake), will construct the port in two phases following the landlord port model. This globally recognised model allows the publicly governed port authority to regulate and lease port operations to private entities, which handle cargo operations in exchange for revenue-sharing. Vadhvan Port, set to commence operations in 2030, will feature world-class infrastructure capable of handling 23.2 million twenty-foot equivalent units (TEUs) annually. The port will boast nine container terminals with 1,000-meter-long quays, a deep draft of 20 meters, and the ability to accommodate mega-container ships with over 24,000 TEU capacity. This strategic development positions Vadhvan Port as a key player in India’s maritime sector, overcoming natural limitations faced by other ports and bolstering the country’s logistics and trade infrastructure. (ET)