Gautam Adani plans to build ships at Mundra Port
Billionaire Gautam Adani intends to initiate shipbuilding operations at the Adani Group‘s Mundra Port, according to Benzinga.
Adani's plan to build ships at the group's flagship port comes as yards in countries like China, South Korea and Japan remain booked until 2028, the Economic Times reported. This has forced global fleet owners to consider alternative manufacturing locations, including India, for their new vessels.
This expansion for the Adani Group is expected to bolster its presence in the maritime sector and contribute to India’s burgeoning shipbuilding industry. Details of the venture are yet to be revealed.
The plan fits into India’s ambitious goal to ascend to the top 10 shipbuilders globally by 2030 and advance to the top five by 2047. Currently, India holds the 20th position in the global commercial shipbuilding market.
The group’s investment in shipbuilding also coincides with a global shift in the shipping industry towards green ships, driven by decarbonisation goals. Estimates suggest that over the next three decades, more than 50,000 vessels will need to be constructed to replace existing fleets.
The move also signifies the group’s commitment to diversifying its portfolio and exploring new sectors. It is expected to potentially enhance the group’s market presence and contribute to the firm’s overall growth.
