India Secures ₹66,000 Crore Investments to Drive Shipbuilding, Ports, and Maritime Innovation
India’s maritime sector received a historic boost with the signing of 27 Memoranda of Understanding (MoUs) worth over ₹66,000 crore, aimed at transforming shipbuilding, port infrastructure, and sustainable transport.
Bhavnagar, September 29: India’s maritime sector received a historic boost with the signing of 27 Memoranda of Understanding (MoUs) worth over ₹66,000 crore, aimed at transforming shipbuilding, port infrastructure, and sustainable transport. The MoUs were exchanged in Bhavnagar on September 18 in the presence of Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal, Union Labour Minister Dr Mansukh Mandaviya, and MoS for Ports Shantanu Thakur, ahead of Prime Minister Narendra Modi’s address at “Samudra Se Samriddhi – Transforming India’s Maritime Sector”.
The agreements span a wide spectrum—from new ports and shipbuilding clusters to sustainable projects like Patna’s Water Metro and global shipyard partnerships—and are projected to create more than 1.5 lakh jobs nationwide.
A flagship MoU was signed to develop the Bahuda Port in Odisha, a ₹21,500 crore project with a proposed capacity of 150 MTPA. Spread across 6,700 acres of coastal land, it is expected to catalyse industrialisation, logistics parks, and regional growth while employing nearly 25,000 people.
In the inland waterways sector, the Inland Waterways Authority of India (IWAI) partnered with the Bihar government on a ₹908 crore Patna Water Metro project, deploying electric ferries across four river routes to modernize urban mobility and pioneer sustainable transport models.
India’s shipbuilding ambitions were underscored through deals with Cochin Shipyard Limited (CSL) and Mazagon Dock Shipbuilders. CSL signed a strategic partnership with HD Korea Shipbuilding & Offshore Engineering, paving the way for India to manufacture large commercial carriers at its new dry dock facility. CSL also announced an ₹18,700 crore investment in Kochi and Tamil Nadu for new complexes capable of producing one million GT of ships annually.
Parallelly, Mazagon Dock Shipbuilders signed an MoU to establish a new greenfield yard in Thoothukudi, strengthening Tamil Nadu’s shipbuilding ecosystem.
The Shipping Corporation of India, together with IOCL, BPCL, and HPCL, launched a vessel-owning joint venture to reduce reliance on foreign shipping fleets and secure India’s crude transportation supply chain.
The Gujarat Maritime Board signed MoUs worth ₹13,600 crore with private partners to expand shipbuilding and repair infrastructure across the Gulf of Kutch and Pipavav. Garden Reach Shipbuilders also tied up with stakeholders for new ventures in Gujarat and West Bengal.
To ensure sustainability, the Shipyard Association of India and Indian Steel Association pledged to use domestic steel in shipyards, while Sagarmala Finance Corporation Limited partnered with NaBFID, IIFCL, and Climate Fund Managers to mobilise financing for green shipbuilding and logistics.
On the cultural front, the DG Lighthouses and Lightships announced a ₹266 crore project to build the world’s tallest lighthouse museum at the National Maritime Heritage Complex in Lothal, Gujarat.
Union Minister Sarbananda Sonowal hailed the developments as a testament to India’s maritime resurgence. “These MoUs are not just about infrastructure but about creating jobs, empowering communities, and positioning India among the world’s leading shipbuilding nations,” he said.
Together, the agreements mark a decisive step towards Atmanirbhar shipbuilding, positioning India to become one of the top five global shipbuilding powers by 2047.
