A satellite port will soon be developed for Jawaharlal Nehru Port Trust, JNPT, which will help in generating employment for over 1 lakh people. A Memorandum of Understanding in this regard was signed by JNPT CMD Neeraj Bansal and Maharashtra Maritime Board CEO Ashish Sharma in Mumbai Friday. Union Shipping Minister Nitin Gadkari and Maharashtra Chief Minister Devendra Fadnavis were present on the occasion.The port to be developed off the Vadhavan Point near Dahanu would be established as a Corporate Port under Companies Act 2013 with JNPT's equity share not exceeding 74% and Maharashtra government's equity share not exceeding 26% in the new Port Company.Speaking on the occasion, Mr. Gadkari said a major port is being built in the country after 30 years and it will be ensured that it is done without disturbing any habitations, land or forests. The minister informed that the location is an ideal one as it is clear of fishing activities, has good rail and road connectivity nearby and importantly, there will not be any need for large land acquisition. Mr. Gadkari said his Ministry is also holding talks with CIDCO to provide low cost housing to people who will be working in the new port.