Mumbai (Maharashtra) [India], Feb 18 (ANI): Jawaharlal Nehru Port Trust (JNPT) has announced key strategic initiatives as part of its inclusive growth and expansion plans aimed towards driving the next phase of transformation of the Port and to accelerate the overall growth of the maritime sector.The new projects include, increasing the draft of JN Port-Mumbai Harbour channel which will enable the port to handle large container vessel fleets of 12,500 TEUs.Other projects include foundation laying ceremony of development of Free Trade Warehouse at JNPT-SEZ which accentuates JNPT SEZ as a preferred investment destination.Another project is the unveiling of Shiv Smarak, a recreational facility being developed within 111 hectares of land under 12.5 oer cent PAP scheme, with the focus to promote art and cultural heritage and support in community building which will benefit the society at large.These projects once implemented will elevate the stature of JNPT among the leading global ports and also expand the country’s business capabilities in the maritime sector, making it a preferred market for international trade.JN Port has deepened and widened the existing channel from 14.0 to 15.0 m draft by which the handling capacity has increased from 6,000 TEUs to 12,500 TEUs.With this the JN Port is now geared up to navigate new generation container vessels and will help JNPT increase their handling capacity, facilitate growth of economy of Indian trade through optimal utilization of capacity and provide economic benefits to EXIM trade through faster turnaround time.It will also benefit EXIM members with lower unit cost, direct and indirect tax benefit, increase in indirect consumable spent and incremental regional economic development and spin-off economic benefits. The project cost is Rs.2029 crores excluding taxes.Foundation laying ceremony for development of Free Trade Warehouse at JNPT-SEZ: Free Trade Warehousing Zone is a Special Economic Zone wherein mainly trading, warehousing and other related activities are carried on.This warehouse will be a strategic asset for JNPT-SEZ and the companies investing here because it will provide warehousing of various products, state-of-the-art equipment, transportation and handling facilities for the trade.Hindustan Infralog Pvt Ltd, is a joint venture company between DP World investment BV (DPW) and National Infrastructure and Investment Fund (NIIF) won the bid for allotment of 44 acres of land for setting up of FTWZ in JNPT SEZ.As per the business plan submitted, the estimated investment in the development of FTWZ of land shall be INR 200 crore and the project proposed in phase oneis to be achieved over 2 years, generating an estimated employment for 600+ people.This key strategic initiative was announced on February 17, 2019 in the presence of Union Minister Nitin Nadkari, Maharashtra Chief Minister Devendra Fadnavis, Anant Geete and Padmashri Nirupan, Appashaheb Dharmaadhkari,  Ravindra Chavan, Minister of State for Ports, Medical Education IT and Civil Supplies, Consumer Protection, Govt of Maharashtra and Guardian Minister of Raigad District, Shri Shrirang Barne, Member LokSabha, Manohar Bhoir, Member, MLA Uran, Prashant Thakur, MLA, Panvel and host of many other key officials from the state were also present at the event. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)