India’s maritime and shipbuilding sector just got a massive boost with 27 new collaborative agreements worth over Rs 66,000 crore in potential investments. These deals bring together public and private players, state governments, and international partners to transform the country into a global hub for ports, shipping, and shipbuilding over the next decade.
The agreements support Prime Minister Narendra Modi’s vision of Atmanirbhar Bharat, or self-reliant India, by driving industrial growth, creating jobs, and strengthening the economy through maritime development. Officials signed the MoUs on September 18 in Bhavnagar, Gujarat, right before the “Samudra Se Samriddhi – Transforming India’s Maritime Sector” event where Modi launched several key projects. Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal attended the signing.
One standout deal involves a whopping Rs 21,500 crore investment for a new port at Bahuda in Odisha. The Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Limited, and the Odisha government teamed up for this project on over 6,700 acres of coastal land. The port aims for a capacity of 150 million tonnes per year and will spark port-led industrialization, logistics parks, and manufacturing hubs across Odisha and northern Andhra Pradesh. It could create direct and indirect jobs for about 25,000 people, fueling big changes in eastern India’s infrastructure and industry.
Sustainability takes center stage too. The Inland Waterways Authority of India and Bihar government inked a Rs 908 crore MoU for a Water Metro Project in Patna. This plan rolls out energy-efficient electric ferries, upgrades terminals, and links waterways with buses and other public transport for greener urban mobility.
Sonowal highlighted the impact, saying, “These MoUs show India’s maritime resurgence. By teaming up states, industries, and global partners, we’re kicking off a new era of shipbuilding and port-led growth. It’s not just about building infrastructure—it’s about jobs, empowering communities, and putting India on the map as a top maritime power.”
In shipping, a key move toward energy independence came from the Shipping Corporation of India partnering with oil giants IOCL, BPCL, and HPCL. Their MoU sets up a Vessel Owning Joint Venture Company, pooling demand to cut reliance on foreign fleets and boost India’s own shipping capabilities.
Shipbuilding got a major push with MoUs between major ports and state governments in Andhra Pradesh, Odisha, Gujarat, Maharashtra, and Tamil Nadu. These aim to launch dedicated shipbuilding clusters, reshaping how the world sees India’s skills in this field.
International ties shone bright at the event. Cochin Shipyard Limited (CSL) signed a long-term deal with South Korea’s HD Korea Shipbuilding & Offshore Engineering to build big commercial vessels like Suezmax oil tankers, container ships, and bulk carriers—up to six per year. To support this, CSL plans an 80-acre Block Fabrication Facility in Kochi with Rs 3,700 crore investment. It will handle 120,000 metric tonnes of steel yearly and create 2,000 direct jobs, plus thousands more in supply chains and small businesses.
CSL also partnered with SIPCOT and Guidance Tamil Nadu for a Rs 15,000 crore shipbuilding complex in the state. Meanwhile, Mazagon Dock Shipbuilders Limited agreed with Guidance Tamil Nadu to build a new greenfield shipyard in Thoothukudi.
Gujarat’s maritime board made waves with deals worth over Rs 13,600 crore alongside private firms like Act Infra Ports, Modest Infrastructure, Chowgule and Company, and SWAN Defence. These cover full-scale shipbuilding, repair, offshore structures, and recycling yards in spots like the Gulf of Kutch, Nava Ratanpara, and Pipavav, building on Bhavnagar’s rich shipbuilding history.
Financing the future, Sagarmala Finance Corporation Limited struck agreements with lenders like Neo Fund, NaBFID, IIFCL, and Climate Fund Managers to channel investments into sustainable maritime projects.
Finally, celebrating India’s maritime heritage, the Directorate General of Lighthouses and Lightships teamed with Indian Port Rail & Roadways Corporation Ltd. for a Rs 266 crore MoU. It will create the world’s tallest lighthouse museum—77 meters high—at the National Maritime Heritage Complex in Gujarat’s Lothal, blending culture with economic growth.
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