Bhavnagar (Gujarat) [India], September 28 : A MoU Exchange Ceremony took place on the eve of the "Samudra Se Samriddhi - Transforming India's Maritime Sector" programme on September 19 at Bhavnagar, Gujarat.
According to the Ministry of Ports, Shipping and Waterways' release, this event was addressed by Prime Minister Narendra Modi, in which a number of projects pertaining to the maritime sector were launched.
The MOUs were signed on September 18th in the presence of Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, Dr Mansukh Mandaviya, Union Minister of Labour & Employment, Youth Affairs & Sports, and Shantanu Thakur, Minister of State for Ports, Shipping, and Waterways.
Additionally, twenty-seven Memorandum of Understanding (MoUs) were exchanged between public and private sector stakeholders in the maritime sector, state governments, and international partners. According to the government, these agreements carry an investment and development potential of over ₹66,000 crore and represent a significant collaborative commitment towards the growth of India's maritime and shipbuilding sector.
The ports ministry statement said that the MoU ceremony showcases India's integrated vision for maritime growth, which covers new port infrastructure, shipping, shipbuilding clusters, global shipyard partnerships, financing mechanisms, innovative maritime investments, sustainable projects such as water metros and green tugs, as well as heritage-linked initiatives like the lighthouse museum. The statement said that these projects are poised to reposition India as a leading global maritime and shipbuilding hub over the next decade, advancing the national resolve of an Atmanirbhar Bharat.
"Under the visionary leadership of Prime Minister Narendra Modi, India's maritime sector is undergoing a historic transformation. 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 Sarbananda Sonowal.
The government said that a landmark MoU was signed between Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Limited, and the Government of Odisha for the development of a new port at Bahuda, in which a capacity of 150 million tonnes per annum proposed to be developed on more than 6,700 acres of coastal salt land that have been designated for maritime use, this project is expected to attract an investment of around ₹21,500 crore.
According to the release, this Port will serve as an anchor for port-led industrialisation, logistics parks, and manufacturing clusters across Odisha and northern Andhra Pradesh. The Port is expected to provide direct and indirect employment opportunities to nearly 25,000 people while catalysing new waves of industrial and infrastructure development in eastern India.
Additionally, an MoU was also signed between the Inland Waterways Authority of India and the Government of Bihar for a Water Metro Project in Patna. Valued at approximately ₹908 crore, this collaboration aims to deploy energy-efficient electric ferries, develop modernised terminals, and integrate urban waterways with multimodal public transport systems. Under this MoU, ten strategically identified terminal points along four potential routes in Patna will influence how citizens travel across the river city.
"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," added Sonowal.
On the shipping front, a significant step towards India's energy independence was unveiled through the MoU between the Shipping Corporation of India and the Oil PSUs - IOCL, BPCL, and HPCL for the creation of a Vessel Owning Joint Venture Company. This is the first in a series of steps that will pool vessel demand from energy PSUs, thereby reducing reliance on foreign shipping fleets. It will also ensure long-term charter contracts for Indian-built ships, supported by SCI's regulatory and operational expertise. The MoU aims to secure India's vital crude oil and product transportation chains while scaling up demand for Indian shipbuilders in tandem with the Government's Atmanirbhar Bharat programme.
Another category of MoUs at the ceremony pertained to shipbuilding and its allied clusters.The Ministry facilitated MoUs between major ports under MoPSW, GOI and the State Governments of Andhra Pradesh, Odisha, Gujarat, Maharashtra and Tamil Nadu for initiating the setting up of Shipbuilding clusters. These will be enabled through SPVs with joint investments from the centre and states, supported by land transfer at nominal cost, tax incentives, and enabling policy measures. Each cluster will not only house state-of-the-art shipyards but also R&D centres, small industry linkages, ancillary units, specialised training facilities, and logistics corridors. The effort is targeted at positioning India among the world's top five global shipbuilding nations by the 100th year of independence in 2047. Moreover, these clusters are designed as green innovation hubs, encouraging carbon-neutral shipbuilding and environmentally friendly marine engineering solutions.
The ceremony also witnessed many Indian Industry Collaborations with international players. A MoU was signed between Cochin Shipyard Limited and HD Korea Shipbuilding & Offshore Engineering, signifying a long-term strategic partnership for building large commercial vessels in India. With CSL's new 310-metre Dry Dock facility, inaugurated by the Prime Minister in January 2024 & now operational.
This partnership aims to help India construct large vessels, including Suezmax oil tankers, container ships, and bulk carriers, with a capacity of up to six ships annually. To support this facility, CSL announced plans for an 80-acre Block Fabrication Facility (BFF) in Kochi, involving an investment of approximately ₹3,700 crore and a throughput potential of 120,000 metric tonnes of steel fabrication annually. The plant will create approximately 2,000 direct jobs and several times more indirect employment in allied industries, especially MSMEs and supply chains.
CSL also signed an MoU with SIPCOT and Guidance Tamil Nadu for the creation of a shipbuilding complex worth ₹15,000 crore in the state. The facility will have a unique capacity to manufacture one million GT of ships annually and will generate employment for around 8,000 people directly and over 40,000 indirectly. Mazagon Dock Shipbuilders Limited entered into a parallel MoU with Guidance Tamil Nadu to set up another large greenfield yard in Thoothukudi.
The Ministry of Ports said that MoU signed between the Shipyard Association of India and the Indian Steel Association, which aims to prioritise the usage of domestically produced steel in shipyards. This linkage between steel producers and shipbuilders aligns with the Government's push for industrial integration and import substitution, ensuring that India's maritime growth translates directly into demand pull for Indian manufacturing sectors.
Additionally, the Gujarat Maritime Board on 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, with a total investment exceeding ₹13,600 crore, outline mega facilities for comprehensive shipbuilding, ship repair, offshore infrastructure and recycling yards spread across the Gulf of Kutch, Nava Ratanpara, Pipavav and other sites. The integrated approach is expected to generate significant employment while firmly establishing Gujarat on the global maritime map, further transforming the state into one of India's premier shipbuilding centres. To further reinforce combined capacities east of the Garden Reach Shipbuilders & Engineers, the company signed agreements with IPRCL, SCI, SMPK, and Modest Shipyard for new ventures in greenfield facilities, tug development, and ship repair, particularly in Gujarat and West Bengal.
The Sagarmala Finance Corporation Limited also signed agreements with financial institutions such as Neo Fund, NaBFID, IIFCL, and Climate Fund Managers, paving the way for dynamic investments into the maritime sector. These MoUs will help mobilise equity, co-investment, and innovative debt instruments for green shipbuilding, fleet modernisation, and maritime logistics projects. By bringing in global climate-aligned fund managers alongside domestic development finance institutions, the initiative ensures that India can access both international and domestic capital pools, thereby creating a competitive and diversified financing ecosystem. SMFCL further signed an agreement with SWAN Shipyard for possible future financing.
Further underscoring India's maritime heritage and its role in cultural-economic development, an MoU was signed between the Directorate General of Lighthouses and Lightships and Indian Port Rail & Roadways Corporation Ltd. for the setting up of the world's tallest lighthouse museums at a height of 77 metres at the National Maritime Heritage Complex in Lothal, Gujarat. With an investment of ₹266 crore, the project represents a fusion of heritage preservation, tourism development, and modern architecture, ensuring that India's maritime traditions receive global recognition while simultaneously driving domestic and international tourist inflows.
With commitments exceeding ₹66,000 crore, these projects encompass high-capacity ports, green mobility, tourism, energy, shipping security, shipbuilding ecosystems, and robust financial capital frameworks. In future, they are expected to generate more than 1.5 lakh direct and indirect jobs across multiple states, while raising India's contribution to global shipping, trade, and shipbuilding value chains.