The Vadhvan Port Project Ltd.,located a hours north of Mumbai is set to become India’s largest port, plans to raise $3.6 billion in debt to fund its development. This initiative is a cornerstone of Prime Minister Narendra Modi’s infrastructure overhaul.
The project owners are seeking 15 to 20-year debt from both onshore and offshore markets, according to Unmesh Sharad Wagh, chairman of Jawaharlal Nehru Port Authority (JNPA), which holds a 74% stake in the project. The Maharashtra Maritime Board (MMB) owns the remaining 26%.
The $9 billion port, whose foundation stone was laid last year, is expected to be completed by the end of the decade. It will have a capacity of 23 million container units, placing it among the world’s top 10 largest ports. Its natural depth of 20 meters will allow it to accommodate the largest container ships, which current Indian ports cannot. The port is also intended to be a starting point for the India-Middle East-Europe Corridor, a planned economic link aimed at developing new trade routes between the regions.
IDBI Capital has been appointed to advise on securing long-term lenders for the first phase of funding, targeting at least $2.6 billion. These funds will be disbursed over the next five years, with requests for proposals from lenders expected in the October to December quarter. JNPA and MMB will jointly inject approximately $1.6 billion in equity into the project. The firm is also in discussions with multilateral agencies, and is working on reclaiming 1,200 hectares (over 4.6 square miles) of land.
Last updated: December 26th, 2025
