Explanation:

The Union Cabinet has approved the project 'Deepening and Optimization of Inner Harbour Facilities including Development of Western Dock on Build, Operate and Transfer (BOT) basis under Public-Private Partnership (PPP) mode to handle cape size vessels at Paradip Port'.

• The proposed project envisages Construction of Western Dock Basin with facilities to handle cape size vessels by the selected BOT Concessionaire with an ultimate capacity of 25 MTPA (Million tonnes per annum) in two phases of 12.50 MTPA each.
• Financial Implications: The estimated cost of the project is Rs.3,004.63 Crore. This includes development of the new Western Dock on BOT basis and capital dredging by the selected Concessionaire at a cost of Rs.2,040 Crore and Rs.352.13 Crore respectively.
• Paradip Port Trust (PPT), a Major Port under Government of India and administered under the Major Port Trusts Act, 1963. It was commissioned in 1966 as a mono commodity port for export of iron ore.
• It is a natural, deep-water port on the East coast of India in Jagatsinghpur district of Odisha. It is situated at confluence of the Mahanadi river and the Bay of Bengal.

Hence option 4th is correct.