Japan’s second-largest shipping company Mitsui O.S.K. Lines (9104.T), opens new tab wants to tie up with Indian companies to build tankers in India, aiding the South Asian nation’s effort to boost local manufacturing, its chief executive, Takeshi Hashimoto said.
New Delhi is modernising its maritime laws to allow foreign participation in the sector, including ship-building, ports and shipyards, to reduce freight outgoings to foreign firms by at least a third by 2047.
India’s shipping capacity has lagged behind its growing trade. To address this, the government announced a USD 2.84 billion maritime development fund in its February budget to provide long-term financing for the shipbuilding and repair industries, as it works to become a top manufacturing nation.
