Maritime India Summit Attracts $12.5 billion Investment
The first ever Maritime India Summit in Mumbai has resulted in attracting investments worth Rs 82,905 crores ($12.5 billion), says the Ministry of Shipping.
A total of 141 MoUs and Business Agreements were signed by various players in maritime sector including Major Ports, State Maritime Boards and PSUs like Shipping Corporation of India, Cochin Shipyard Limited, Inland Waterways Authority of India etc.
Some of the major Indian companies who have signed agreements include the Adanis, Jindal, Vedanta, ESSAR, and Shapoorji Pallonji Company.
One significant MOU signed relates to establishment of a greenfield port at Vadhavan, Maharashtra. Phase I of the project is estimated to cost around Rs 9167 crores. Shareholders’ agreement for the project was signed between JNPT and Maharashtra Maritime Board. Once completed the new port will allow large size ships to enter Indian waters and will also help decongest JNPT and Mumbai Port.
Apart from investments, the Summit played a key role in highlighting the role of port led development for faster and sustainable economic growth.
The summit provided a platform for participation, engagement and interaction from 42 countries. More than 5000 delegates from around the globe participated in the Summit.
The 3 day exhibition organized during the Summit also drew enthusiastic response from 197 exhibitors including 81 international companies, 80 Indian private sector companies and 36 Government owned entities.
The Summit showcased around 240 projects which present investment opportunities during the next five years. The investment potential of these projects is around $ 66 Billion (Rs. 4.34 lakh crores).
The Ministry of Shipping has established an Investment Facilitation Cell in Indian Ports Association to follow up on these opportunities with potential investors and ensure that the announcements and intent expressed during the summit materialize into actual projects and investments.
