Govt Signs 27 Mous Worth Rs 66,000 Crore To Boost Maritime & Shipbuilding Sector

(MENAFN- KNN India) New Delhi, Sep 29 (KNN) India's maritime sector achieved a major boost with the exchange of 27 Memoranda of Understanding (MoUs) on the eve of the 'Samudra Se Samriddhi – Transforming India's Maritime Sector' event.

The agreements represent investments and development commitments exceeding Rs 66,000 crore.

The MoUs span port development, shipbuilding, shipping, green mobility, heritage-linked projects, and financing frameworks. Together, they are expected to generate over 1.5 lakh direct and indirect jobs, reinforcing India's ambition of emerging as a global maritime and shipbuilding hub.

A flagship agreement was signed between Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Ltd., and the Government of Odisha for a new port at Bahuda.

Planned with a 150 million tonne per annum capacity and an investment of around Rs 21,500 crore, the project will anchor port-led industrialisation in Odisha and northern Andhra Pradesh, creating an estimated 25,000 jobs.

In parallel, the Inland Waterways Authority of India and the Bihar government agreed on a Rs 908 crore water metro project in Patna.

The initiative, featuring electric ferries, modernised terminals, and multimodal integration, is expected to transform river-based urban transport and serve as a pilot for other cities.

A strategic MoU was signed between the Shipping Corporation of India and state-owned oil companies-IOCL, BPCL, and HPCL-for the creation of a vessel-owning joint venture.

The move is intended to reduce reliance on foreign fleets, secure crude oil transport, and boost demand for Indian-built ships under the Atmanirbhar Bharat initiative.

MoUs were exchanged between the Centre, state governments, and ports for setting up dedicated shipbuilding clusters in Andhra Pradesh, Odisha, Gujarat, Maharashtra, and Tamil Nadu.

These clusters will include state-of-the-art shipyards, R&D hubs, ancillary industries, training centres, and logistics corridors, aiming to position India among the top five shipbuilding nations by 2047.

Cochin Shipyard Ltd. (CSL) signed a landmark partnership with HD Korea Shipbuilding & Offshore Engineering to build large commercial vessels in India.

CSL also announced a Rs 3,700 crore Block Fabrication Facility in Kochi and a Rs 15,000 crore shipbuilding complex in Tamil Nadu, expected to create thousands of jobs. Parallelly, Mazagon Dock Shipbuilders entered into an MoU with Tamil Nadu for a greenfield yard at Thoothukudi.

In Gujarat, the Maritime Board inked MoUs worth over Rs 13,600 crore with private partners to establish facilities for shipbuilding, repairs, offshore infrastructure, and recycling.

Garden Reach Shipbuilders & Engineers signed additional agreements to strengthen capacities in Gujarat and West Bengal.

The Shipyard Association of India and the Indian Steel Association agreed to prioritise the use of domestic steel in shipbuilding, strengthening industrial linkages.

On the financing front, Sagarmala Finance Corporation Ltd. partnered with institutions including NaBFID, IIFCL, Neo Fund, and Climate Fund Managers to mobilise capital for green shipbuilding and logistics.

(KNN Bureau)

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