In a major boost to India’s shipbuilding ambitions under the Maritime India Vision 2030 and 2047, Cochin Shipyard Ltd and Mazagon Dock Shipbuilders Ltd are set to sign memorandums of understanding (MoUs) with the Tamil Nadu government to establish new shipyards in the state.
The MoUs will be signed on Saturday during a high-profile event in Bhavnagar, Gujarat, in the presence of Prime Minister Narendra Modi. Cochin Shipyard, India’s leading commercial shipbuilder, and Mazagon Dock, the nation’s top warship builder, aim to expand their infrastructure and production capabilities to meet India’s growing maritime demands.
In a parallel development, Cochin Shipyard will also sign a strategic MoU with South Korea’s HD Korea Shipbuilding & Offshore Engineering Co. Ltd (KSOE), one of the world’s largest shipbuilders. The agreement seeks long-term cooperation across various shipbuilding and maritime development domains, potentially bringing global expertise and advanced technology into India’s maritime ecosystem.
Maritime Vision 2047: Ambitious Goals
India currently holds a meagre 0.06% share of the global shipbuilding market and ranks 16th globally. However, under the Maritime India Vision roadmap, the country aims to break into the top 10 shipbuilding nations by 2030 and the top 5 by 2047. To achieve these targets, Indian shipbuilding capacity needs to expand from the current 0.072 million gross tonnes (GT) to 0.33 million GT by 2030, and further to 11.31 million GT by 2047, according to estimates by KPMG.
Achieving this transformation will require a massive investment of nearly $18 billion in the shipbuilding, ship repair, and ancillary sectors. An additional $388 billion is required to expand India’s shipping tonnage, and $260 billion is needed to develop green tonnage capabilities.
Emerging Shipbuilding Clusters
To meet these capacity targets, several shipbuilding clusters are being proposed nationwide. Planned locations include Dugarajapatnam (Andhra Pradesh), Kendrapara (Odisha), Thoothukudi (Tamil Nadu), and various sites in Maharashtra and Gujarat, such as Dighi, Jaigad, Vijaydurg, Bankot, and Pipavav.
The Gujarat government will also sign an MoU with Swan Defence and Heavy Industries Ltd to expand shipyard capacity and develop a shipbuilding cluster at Pipavav.
In another significant collaboration, the Shipyards Association of India will sign an MoU with the Indian Steel Association to promote the use of domestically produced steel from Integrated Steel Producers, further boosting the “Make in India” initiative.
