The State-owned Shipping Corporation of India (SCI) plans to acquire 26 domestically built ships worth ₹198.2 billion ($2.3 billion) as part of a government initiative to strengthen the local shipbuilding industry. The vessels, boasting a combined capacity of 1.18 million gross tonnes, will be delivered over several years. This purchase is part of a broader trend, with Indian companies set to acquire 207 ships across various sectors for nearly ₹1.5 trillion.
This initiative complements an earlier plan to procure 112 crude carriers by 2040, supporting India’s ambition as the world’s third-largest oil importer to enhance its shipping capacity. With this acquisition, SCI aims to significantly expand its existing fleet of 55 vessels, which includes a diverse range of tankers, bulk carriers, and supply ships.
Additionally, the Indian government has initiated a ₹250 billion maritime fund to reduce reliance on foreign-built vessels and to bolster domestic shipbuilding capabilities. The goal is to increase the share of locally built tankers from 5% today to 7% by 2030, ultimately aiming for nearly 70% by 2047, coinciding with India’s target to achieve developed-nation status.
Officials emphasize that this strategy is designed to create sustained demand for Indian shipyards, support a growing industry, and attract foreign investment from established shipbuilding nations like Japan and South Korea.
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