New Delhi: In a significant boost to India’s maritime and shipbuilding sector, 27 collaborative agreements have been signed, representing an investment potential of over Rs 66,000 crore. These agreements involve public and private sector stakeholders, state governments, and international partners, marking a major step toward positioning India as a leading global maritime and shipbuilding hub over the next decade.
According to an official statement released on Sunday, these projects are expected to have far-reaching industrial, socio-economic, and strategic impacts, furthering the national mission of Atmanirbhar Bharat.
### MoUs Signed at Bhavnagar Event
The Memorandums of Understanding (MoUs) were signed on September 18 in Bhavnagar, on the eve of the “Samudra Se Samriddhi – Transforming India’s Maritime Sector” event, which was addressed by Prime Minister Narendra Modi. Several key projects related to the maritime sector were launched during the event.
Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, was present at the signing ceremonies.
### Major Port Development in Odisha
One of the landmark agreements is an MoU involving the Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Limited, and the Odisha government. The investment of around Rs 21,500 crore aims to develop a new port at Bahuda with a capacity of 150 million tonnes per annum.
The project will span over 6,700 acres of coastal salt land designated for maritime use and is expected to act as an anchor for port-led industrialization, logistics parks, and manufacturing clusters across Odisha and northern Andhra Pradesh.
It is projected to provide direct and indirect employment to nearly 25,000 people, catalysing new waves of industrial and infrastructure development in eastern India.
### Sustainable Transport Initiatives
In a move towards sustainable transport solutions, an MoU was signed between the Inland Waterways Authority of India and the Bihar government for a Water Metro Project in Patna.
Valued at approximately Rs 908 crore, this initiative plans to deploy energy-efficient electric ferries, develop modern terminals, and integrate urban waterways with multimodal public transport systems.
### Maritime Sector Growth and Employment
Speaking at the event, Union Minister Sarbananda Sonowal said, “These MoUs are a testament to India’s maritime resurgence. By fostering collaboration between states, industries, and global partners, we are unlocking a new era of shipbuilding and port-led growth. This is not only about infrastructure; it is about creating jobs, empowering communities, and establishing India as a leading maritime nation in the world.”
### Shipping and Energy Independence
A significant step towards India’s energy independence was unveiled through an MoU between the Shipping Corporation of India and major Oil Public Sector Undertakings (PSUs)—IOCL, BPCL, and HPCL—for the creation of a Vessel Owning Joint Venture Company.
This initiative aims to pool vessel demand from energy PSUs, reducing dependence on foreign shipping fleets.
### Expansion of Shipbuilding Clusters
Several MoUs focused on shipbuilding and allied clusters were also signed. The ministry facilitated agreements between major ports and the state governments of Andhra Pradesh, Odisha, Gujarat, Maharashtra, and Tamil Nadu to establish shipbuilding clusters.
This move has the potential to fundamentally alter the global perception of India’s shipbuilding capacity.
### Strategic International Partnerships
A marquee MoU was signed between Cochin Shipyard Limited (CSL) and HD Korea Shipbuilding & Offshore Engineering, marking a long-term strategic partnership for building large commercial vessels in India.
This collaboration will enable the construction of large carriers such as Suezmax oil tankers, container ships, and bulk carriers with a capacity of up to six ships annually.
To support this, CSL announced plans to develop an 80-acre Block Fabrication Facility (BFF) in Kochi, with an investment of around Rs 3,700 crore. The facility will have an annual steel fabrication throughput potential of 1,20,000 metric tonnes and is expected to create approximately 2,000 direct jobs along with numerous indirect employment opportunities in MSMEs and supply chains.
Moreover, CSL also signed an MoU with SIPCOT and Guidance Tamil Nadu to create a Rs 15,000 crore shipbuilding complex in Tamil Nadu.
### New Shipyards and Infrastructure Developments
Mazagon Dock Shipbuilders Limited signed an MoU with Guidance Tamil Nadu to establish a large greenfield yard in Thoothukudi.
The Gujarat Maritime Board leveraged Bhavnagar’s historic shipbuilding tradition by signing multiple agreements with private partners including Act Infra Ports, Modest Infrastructure, Chowgule and Company, and SWAN Defence.
These MoUs, totaling investments exceeding Rs 13,600 crore, outline the development of mega facilities for comprehensive shipbuilding, ship repair, offshore infrastructure, and recycling yards across the Gulf of Kutch, Nava Ratanpara, Pipavav, and other locations.
### Financing Maritime Growth
Complementing these infrastructure developments, a suite of MoUs was signed to address sustainable financing challenges in the maritime industry.
Sagarmala Finance Corporation Limited inked agreements with financial institutions such as Neo Fund, NaBFID, IIFCL, and Climate Fund Managers to facilitate dynamic investments into the sector.
### Preserving Maritime Heritage
Highlighting India’s rich maritime heritage, an MoU worth Rs 266 crore was signed between the Directorate General of Lighthouses and Lightships and Indian Port Rail & Roadways Corporation Ltd.
The agreement involves constructing the world’s tallest lighthouse museum at a height of 77 meters at the National Maritime Heritage Complex in Lothal, Gujarat, contributing to both cultural preservation and economic development.
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