Japan International Cooperation Agency (JICA) had initiated preliminary discussions with the Jawaharlal Nehru Port Authority (JNPA) regarding financing for the proposed mega port at Vadhavan near Dahanu in Maharashtra's Palghar district. This marked the second major lender expressing interest in the project.

Previously, the state-owned lender Power Finance Corporation (PFC) had proposed to fully underwrite the total debt amounting to Rs 272.83 billion for constructing the port. The port is designed to handle approximately 298 million tonnes (mt) of cargo annually, including 24.5 million twenty-foot equivalent units (TEUs), with an investment of Rs 762.20 billion.

In April, officials from the JICA India office had a meeting with Unmesh Wagh, Chairman of Jawaharlal Port Authority, to discuss financial assistance for the project. Wagh informed ET Infra that JICA was also interested in the project, impressed by the structure devised by JNPA for its implementation and the potential the new port holds.

Wagh further explained that the project had garnered considerable interest from potential lenders due to its well-structured plan, all requisite clearances being in place, meticulously projected traffic forecasts, and the project being spearheaded by the most efficient port in India with solid financial projections for the next 30 years.