Navi Mumbai - Power Finance Corporation Ltd (PFC) has offered to underwrite the entire debt of Rs.27,283 crore for the construction of a mega port at Vadhavan near Dahanu in Maharashtra’s Palghar district.

If and when the deal is finalised, it will be the biggest debt financing for a port project in the country.

The planned mega port will be designed to handle some 298 million tonnes (mt) of cargo a year with an investment of Rs 76,220 crore.

R R Jha, Director (Projects) and his team from the Power Finance Corporation met Unmesh Wagh, Deputy Chairman and Chairman in Charge of Jawaharlal Nehru Port Authority to discuss financing for the port project, which is awaiting final approval from the Union Cabinet after securing environmental and coastal regulation zone clearance as well as backing from the Public Investment Board.

“PFC’s commitment to finance the entire debt amount signifies a pivotal moment for the development of Vadhavan Port,” informs a recent communique from JNPA. 

Power Finance Corporation, a Maharatna PSU, is a Non-Banking Finance Company (NBFC) which is classified as an infrastructure finance company by the Reserve Bank of India.