**India’s Maritime and Shipbuilding Sector Attracts Over Rs 66,000 Crore Investment Through 27 Collaborative Agreements**
*New Delhi:* A total of 27 collaborative agreements have been signed with an investment potential exceeding Rs 66,000 crore in India’s maritime and shipbuilding sector. These agreements, forged between public and private sector stakeholders, state governments, and international partners, signal a transformative phase aimed at positioning India as a leading global maritime and shipbuilding hub over the next decade. The move aligns with the national vision of an Atmanirbhar Bharat, according to an official statement released on Sunday.
The memorandums of understanding (MoUs) were inked 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 important projects related to the maritime sector were also launched during the event. Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal was present at the signing ceremonies.
### Major Port Development at Bahuda
A landmark MoU valued at around Rs 21,500 crore was signed among Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Limited, and the Odisha government for the development of a new port at Bahuda. The port is expected to have a capacity of 150 million tonnes per annum and will be developed on over 6,700 acres of coastal salt land designated for maritime use.
This ambitious project is set to spearhead port-led industrialization, logistics parks, and manufacturing clusters across Odisha and northern Andhra Pradesh. It is anticipated to generate direct and indirect employment for nearly 25,000 people and stimulate new waves of industrial and infrastructure development in eastern India.
### Focus on Sustainable Transport – Patna Water Metro Project
Attention was also drawn to sustainable transport solutions with the signing of an MoU between the Inland Waterways Authority of India and the Bihar government for the Patna Water Metro Project. Valued at approximately Rs 908 crore, this collaboration aims to deploy energy-efficient electric ferries, develop modern terminals, and integrate urban waterways with multimodal public transport systems.
### Enhancing Energy Independence Through Shipping
A significant initiative aimed at bolstering India’s energy self-reliance involves the MoU signed between the Shipping Corporation of India and Oil Public Sector Undertakings (PSUs)—Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL). The agreement facilitates the creation of a Vessel Owning Joint Venture Company, which will pool vessel demand from energy PSUs and reduce dependence on foreign shipping fleets.
### Expansion of Shipbuilding Clusters Across India
The Ministry of Ports, Shipping and Waterways also facilitated MoUs between major ports and the state governments of Andhra Pradesh, Odisha, Gujarat, Maharashtra, and Tamil Nadu for establishing shipbuilding clusters. These initiatives are poised to fundamentally enhance the global perception of India’s shipbuilding capabilities.
### Strategic International Partnerships
The ceremony saw key collaborations between Indian industry leaders and international players. A marquee MoU was signed between Cochin Shipyard Limited (CSL) and HD Korea Shipbuilding & Offshore Engineering, marking a long-term strategic partnership to build large commercial vessels in India.
This partnership will enable the construction of large carriers—including Suezmax oil tankers, container ships, and bulk carriers—with a production capacity of up to six ships annually. To support this, CSL announced plans to develop an 80-acre Block Fabrication Facility (BFF) in Kochi, requiring an investment of around Rs 3,700 crore and capable of fabricating 1,20,000 metric tonnes of steel annually.
The new plant is expected to create approximately 2,000 direct jobs and significantly more indirect employment in allied industries, notably micro, small, and medium enterprises (MSMEs) and supply chain sectors.
Additionally, CSL signed an MoU with SIPCOT and Guidance Tamil Nadu to establish a Rs 15,000-crore shipbuilding complex in the state. Simultaneously, Mazagon Dock Shipbuilders Limited entered into a parallel MoU with Guidance Tamil Nadu to set up a large greenfield shipyard in Thoothukudi.
### Gujarat’s Maritime Legacy and Infrastructure Expansion
Building on Bhavnagar’s historic shipbuilding tradition, the Gujarat Maritime Board signed multiple agreements with private partners including Act Infra Ports, Modest Infrastructure, Chowgule and Company, and SWAN Defence. These agreements, totaling investments exceeding Rs 13,600 crore, outline the development of mega facilities for comprehensive shipbuilding, ship repair, offshore infrastructure, and recycling yards throughout the Gulf of Kutch, Nava Ratanpara, Pipavav, and other sites.
### Sustainable Financing for Maritime Growth
To address the critical need for sustainable financing in the maritime industry, the Sagarmala Finance Corporation Limited signed agreements with financial institutions such as Neo Fund, the National Bank for Financing Infrastructure and Development (NaBFID), the India Infrastructure Finance Company Limited (IIFCL), and Climate Fund Managers. These partnerships aim to catalyze dynamic investments within the maritime sector.
### Preserving India’s Maritime Heritage
Further emphasizing India’s maritime heritage and its cultural-economic significance, an MoU worth Rs 266 crore was signed between the Directorate General of Lighthouses and Lightships and Indian Port Rail & Roadways Corporation Ltd. This project envisions the creation of the world’s tallest lighthouse museum at a height of 77 metres within the National Maritime Heritage Complex located in Lothal, Gujarat.
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Union Minister Sarbananda Sonowal hailed the MoUs as a testament to India’s maritime resurgence, stating, “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.”
With these sweeping initiatives, India’s maritime and shipbuilding sectors are set on a trajectory of robust growth, promising economic development, technological advancements, and enhanced global standing in the maritime arena.
*Disclaimer: This story is based on a syndicated feed. Only the headline has been modified.*
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