Private port terminal operator JM Baxi has unveiled an ambitious expansion plan worth nearly ₹10,000 crore to develop ship recycling and repair facilities, alongside launching a luxury cruise service and entering the subsea cable deployment sector.
According to senior company officials, the investments will be financed through a combination of multilateral funding, domestic bank loans, and internal accruals. The company’s diversification aligns with the government’s push to modernize India’s maritime ecosystem and promote green, value-added port-linked industries.
JM Baxi plans to establish a state-of-the-art ship recycling facility near Alang, Gujarat, with an investment of about $1 billion (around ₹8,500 crore). The greenfield project, to be developed in partnership with other Indian players, will be capable of recycling seven to eight large vessels simultaneously in its first phase and is expected to reach full capacity by 2029.
In parallel, the company is also planning a ship repair facility in South India and has begun identifying suitable locations. Most of the funding for the initial phase will be drawn from internal accruals, with the company also exploring global development and infrastructure funds for future phases.
Additionally, JM Baxi is preparing to launch a 600-passenger luxury cruise service, likely under a European flag, connecting major tourism hubs along India’s coastline — marking its foray into India’s growing cruise tourism sector.