Japan's Mitsui O.S.K. Lines Explores Shipbuilding Partnerships In India

(MENAFN- KNN India) New Delhi, Sep 10 (KNN) Japan's shipping giant Mitsui O.S.K. Lines (MOL) is looking to collaborate with Indian companies to develop shipbuilding projects, particularly in the tanker segment.

The move is in line with India's ambition to strengthen its domestic shipbuilding industry and cut its dependence on foreign shipping by one-third by 2047.

Speaking at the APPEC conference in Singapore, MOL's President and CEO Takeshi Hashimoto said the company is open to joint ventures with Indian shipyards and local partners.

He noted that India's growing trade requirements, particularly in energy imports and refined oil exports, highlight the urgent need to expand the country's shipping and shipbuilding capacity.

To encourage foreign participation, the Indian government is introducing regulatory reforms in the maritime sector. In the Union Budget presented in February, the government also announced the creation of a Rs 250 billion (US $2.84 billion) maritime development fund.

This fund will provide long-term financing support for shipbuilding and ship repair facilities.

MOL's interest reflects broader trends in India's strategy to position itself as a global manufacturing and maritime hub. By combining domestic capabilities with international expertise, India aims to build modern vessels, reduce reliance on imports, and enhance its competitiveness in global shipping.

For MOL, India presents a significant growth opportunity. Hashimoto emphasised that collaboration will not only help India meet its infrastructure and fleet demands but also allow MOL to expand its presence in one of the world's fastest-growing economies.

The partnership talks underscore the importance of maritime cooperation between India and Japan at a time when global shipping is undergoing rapid transformation.

(KNN Bureau)

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