Two international consortia have emerged to bid for the Rs 192.38 billion dredging, reclamation and offshore bund protection contract for the upcoming Vadhvan Port in Maharashtra — India’s largest port project under the Public-Private Partnership (PPP) Hybrid Annuity Mode (HAM).

One consortium comprises Royal Boskalis B.V. and NMDC Dredging & Marine, a subsidiary of the Abu Dhabi-backed NMDC Group. The rival consortium includes Adani Ports and Special Economic Zone Ltd, Van Oord, Jan De Nul, and International Seaport Dredging Pvt Ltd (ISDPL), promoted by Belgium’s DEME Group.

This will be the first time dredging and reclamation works for a new Indian port are executed under the Hybrid Annuity Model, which is designed to share risks, promote competition, and ensure timely completion.

The Rs 762.2-crore Vadhvan Port Project Ltd, a joint venture between Jawaharlal Nehru Port Authority (JNPA) holding 74 per cent and Maharashtra Maritime Board (MMB) holding 26 per cent, envisions developing a port with a handling capacity of 298 million tonnes per annum (MTPA), including 23.2 million TEUs of container traffic.

The dredging and reclamation scope covers 1,207 hectares to be executed in two phases, with payments shared in a 45:55 ratio between the project authority and the PPP concessionaire over a 15-year period.

Once operational, Vadhvan Port will feature nine container terminals, over 100 quay cranes, dedicated liquid cargo berths, Ro-Ro facilities, and advanced logistics infrastructure — positioning it among the most modern ports in Asia.