ID 39885729 © Furtseff |

There are two possible takes on the $10bn development of a greenfield port at Vadhavan, some 120 miles north of Mumbai – although given they are not mutually exclusive, you could hold both, one or neither.

You choose.

Option One: it’s a domestic play on the part of state-owned Jawaharlal Nehru Port Trust to claw back market share from India’s leading private operator Adani, and its hugely successful Mundra port further north in Gujarat state.

Last year, Mundra recorded throughput of 7.4m teu, ...

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