Bhavnagar event sees MoUs signed for new ports, shipbuilding clusters, green transport, and financing partnerships.
India’s maritime sector is poised for a transformative leap, with potential investments totalling ₹660 billion ($7.9 billion) inked at the recent ‘Samudra Se Samriddhi: Transforming India’s Maritime Sector’ event held on September 18 and 19 in Bhavnagar, Gujarat. According to the Ministry of Ports, Shipping and Waterways (MoPSW), the memoranda of understanding (MoUs) represent a strategic push to accelerate port infrastructure, shipbuilding, sustainable transport, and maritime financing.
The MoU ceremony showcased India’s integrated vision for maritime growth, spanning new port development, global shipyard partnerships, financing mechanisms, water metros, green tugs, and heritage-linked initiatives such as the lighthouse museum.
“These initiatives reflect our commitment to building a strong, self-reliant and globally recognised maritime ecosystem. With ports, shipbuilding and sustainable projects advancing at this pace, we are steering India closer to the goal of Viksit Bharat by 2047,” said Union Minister Sarbananda Sonowal.
With their combined industrial, socio-economic and strategic impact, these projects aim to reposition India as a leading global maritime and shipbuilding hub over the next decade, advancing the national resolve of an Atmanirbhar Bharat.
A standout agreement was signed between Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Ltd, and the government of Odisha for the development of a new port at Bahuda, with a capacity of 150 million tonnes per annum. Proposed on over 6,700 acres of coastal salt land designated for maritime use, the ₹215 billion project will anchor port-led industrialisation, logistics parks and manufacturing clusters across Odisha and northern Andhra Pradesh. It is expected to generate employment for nearly 25,000 people.
Sustainable transport also featured prominently, with an MoU signed between the Inland Waterways Authority of India and the government of Bihar for a water metro project in Patna. Valued at ₹9.08 billion, the initiative will deploy electric ferries, modernised terminals and multimodal integration across ten terminal points on four river routes, redefining urban mobility in Patna and serving as a pilot for other cities.
“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,” Sonowal added. “This is not only about infrastructure—it is about creating jobs, empowering communities and establishing India as a leading maritime nation.”
On the shipping front, a key step towards energy independence was the MoU between the Shipping Corporation of India (SCI) and oil PSUs—IOCL, BPCL and HPCL—for the creation of a vessel-owning joint venture. This will pool demand from energy PSUs, reduce reliance on foreign fleets, and secure long-term charter contracts for Indian-built ships, supported by SCI’s regulatory and operational expertise.
Establishing Shipbuilding Clusters
Another major thrust was towards shipbuilding and allied clusters. MoPSW facilitated MoUs between major ports, the central government and the state governments of Andhra Pradesh, Odisha, Gujarat, Maharashtra and Tamil Nadu to initiate shipbuilding clusters via special purpose vehicles. These will be supported by land transfers at nominal cost, tax incentives and enabling policy measures.
Each cluster will house advanced shipyards, R&D centres, MSME linkages, training facilities and logistics corridors. The objective is to position India among the world’s top five shipbuilding nations by 2047. These clusters will also serve as green innovation hubs, promoting carbon-neutral shipbuilding and sustainable marine engineering.
International collaboration was another highlight. Cochin Shipyard Ltd (CSL) signed a marquee MoU with HD Korea Shipbuilding & Offshore Engineering for a long-term strategic partnership in building large commercial vessels. With CSL’s new 310-metre dry dock, India will be able to annually construct up to six Suezmax oil tankers, container ships and bulk carriers.
To support this, CSL announced an 80-acre block fabrication facility in Kochi, involving ₹37 billion in investment and a throughput of 120,000 metric tonnes of steel fabrication annually. The plant will create 2,000 direct jobs and many more indirectly across MSMEs and supply chains.
CSL also signed an MoU with SIPCOT and Guidance Tamil Nadu to establish a ₹150 billion shipbuilding complex in the state. The facility will manufacture one million gross tonnes (GT) of ships annually, generating 8,000 direct and over 40,000 indirect jobs. Mazagon Dock Shipbuilders Ltd signed a parallel MoU with Guidance Tamil Nadu to set up a greenfield yard in Thoothukudi.
To boost domestic manufacturing, the Shipyard Association of India and the Indian Steel Association signed an MoU to prioritise the use of Indian steel in shipyards.
The Gujarat Maritime Board leveraged Bhavnagar’s shipbuilding legacy by signing MoUs worth ₹136 billion with private partners, including Act Infra Ports, Modest Infrastructure, Chowgule and Company, and SWAN Defence. These agreements span shipbuilding, repair, offshore infrastructure and recycling yards across the Gulf of Kutch, Nava Ratanpara, Pipavav and other sites.
To reinforce capacity in eastern India, Garden Reach Shipbuilders & Engineers signed MoUs with Indian Port Rail and Ropeway Corp. Ltd (IPRCL), SCI, Syama Prasad Mookerjee Port, Kolkata (SMPK), and Modest Shipyard for greenfield facilities, tug development and ship repair in Gujarat and West Bengal.
Financing Maritime Industry
To complement infrastructure development, a suite of MoUs focused on sustainable financing. Sagarmala Finance Corporation Ltd (SFCL) signed agreements with Neo Fund, NaBFID, IIFCL and Climate Fund Managers to mobilise equity, co-investment and innovative debt instruments for green shipbuilding, fleet modernisation and maritime logistics.
By bringing together global climate-aligned fund managers and domestic DFIs, the initiative aims to create a competitive, diversified financing ecosystem. SFCL also signed an MoU with SWAN Shipyard for potential future financing.
In a nod to India’s maritime heritage, an MoU was signed between the Directorate General of Lighthouses and Lightships and IRPCL to establish the world’s tallest lighthouse museum—77 metres high—at the National Maritime Heritage Complex in Lothal, Gujarat. With an investment of ₹2.66 billion, the project blends heritage preservation, tourism and modern architecture, positioning India’s maritime legacy on the global map.