Indian ports, shipping firms to ink MoUs worth Rs 3,38,561 cr at maritime summit

Shipping companies and major and minor ports in the country will ink 486 Memorandum of Understandings (MoUs) for investments worth Rs 3,38,561 crore on the sidelines of the ongoing Indian Maritime Summit. The three-day summit was inaugurated by Prime Minister Narendra Modi in New Delhi on Tuesday. A total of 22 entities, including government shipping companies and ports will sign MoUs with gobal investors during the summit, according to an official close to the development.

Going forward, Deendayal Port Trust tops the list with 44 MoUs envisaging an investment of Rs 77,277 crore. Mumbai Port Trust (MBPT) and Jawaharlal Nehru Port Trust (JNPT) will sign MoUs for investments worth Rs 28,179 crore and Rs 27,277 crore, respectively. “While JNPT will sign 32 MoUs, MBPT will ink 27 MoUs,” said a source close to the development.

Another big ticket MoUs will be signed by DG Shipping, Indian Port Rail and Ropeway Corporation Ltd, Paradip Port Trust, Sagarmala Development Company Ltd, Shipping Corporation of India, Syama Prasad Mukerjee Port Trust and VO Chidambaranar Port Trust, among others.

DG Shipping will sign 45 MoUs worth Rs 19,339 crore, while SCI will ink 9 MoUs worth Rs 6,307 crore. Indian Port Rail and Ropeway Corporation Ltd will sign 12 MoUs entailing an investment of 12,097 crore, while Sagarmala Development company will finalise 44 pacts for investment of Rs 11,390 crore.

On the investment in the ports sector, Paradip Port trust will sign 26 MoUs worth Rs 27,256 crore, Syama Prasad Mukerjee Port Trust 37 MoUs for Rs 25,308 crore, Vishakhapatnam Port Trust 26 MoUs for Rs 28,779 crore and V.O Chidambaranar Port Trust 36 MoUs for Rs 27,137 crore).

Additionally, Andhra Pradesh Maritime Board will also finalise nine MoUs worth Rs 27,488 crore.

The global summit will conclude on March 4.

Speaking about the summit last week, Shipping Secretary Sanjeev Ranjan said, “Maritime India Summit 2021 will promote domestic as well as international investment in Indian maritime sector. The shipping ministry has undertaken a number of major reforms. But there is still a lot of work to be achieved in the sector.”

The summit will explore the potential business opportunities in the Indian maritime sector in partnership with global firms.