The VOC Port Authority is exploring the possibility of setting up a shipbuilding facility in Thoothukudi for which discussions are on with a Korean conglomerate, according to sources .
VOC port chairman Susanta Kumar Purohit, along with a team of senior port officers, had an interactive meeting with HD-Korea Shipbuilding and Offshore Engineering, (Hyundai Group) in this regard. The meeting was facilitated by Ministry of Port, Shipping and Waterways, and Invest India.
“This was just the first round of talks, which is only at a preliminary level only,” a spokesperson for the port said.
Union shipping secretary T K Ramachandran said that the ministry is looking at multiple options to set up the facility. India is planning to expand its fleet size to 2,500 ships by adding 1,000 new vessels in 10 years to reduce its dependence on foreign shipping companies. The current 28 Indian local shipbuilders (20 of which are private companies) are mainly to build small and medium-sized ships.
He said three to four states had responded to the proposal for setting up the shipbuilding infrastructure and one of them was Tamil Nadu. The Korean company is looking at the location of the land, following which a techno-feasibility study will be done, and the facility will be set up based on the response of the company.
VOC port is already eyeing to become the green hydrogen hub of India and is aiming to set up a pilot plant with a daily capacity of 10 tonnes to gain experience in generating, storing, transporting, transmitting, and bunkering green hydrogen. Ramachandran said that a pilot green hydrogen plant at VOC port is likely to become operational in the next three months.
He said the government is also planning to revamp Shipbuilding Financial Assistance Policy as was announced in the Union Budget. This will also include credit notes for shipbreaking in Indian yards to promote the circular economy. Large ships above a specified size will be included in the infrastructure harmonised master list.
For long-term financing for the maritime industry, a Maritime Development Fund with a corpus of `25,000 crore will be set up. This will have 49% contribution by the government, and the rest will be mobilised from ports and private sector, the secretary said.