In a strategic move, billionaire Gautam Adani plans to commence shipbuilding at Adani Group's flagship Mundra Port, responding to the fully booked shipyards in China, South Korea, and Japan until 2028, according to a report by The Economic Times. This initiative is poised to position India as an alternative manufacturing hub for global fleet owners seeking new vessels.
The Economic Times' report has not been independently verified by ABP Live. This development is in line with India's ambitious goal, set out last month, to become one of the top 10 shipbuilders by 2030 and ascend to the top five by 2047 as part of the Maritime India Vision 2030.
Shares of Adani Ports & SEZ Ltd closed at Rs 1477.90, rising 0.15 per cent on the BSE on Tuesday.
Currently, India ranks 20th in the global commercial shipbuilding market with less than a 1 per cent share. Adani Group has not responded to email queries from The Economic Times regarding this initiative.
Mundra Port, the highest-volume handler among Indian ports, is set for significant investments in both upcoming and ongoing projects. Additionally, the Adani Group has announced plans to establish the world’s largest renewable energy manufacturing hub in Mundra, Gujarat. This facility will include production units for components essential to green energy generation, such as polysilicon, ingots, wafers, cells, solar modules, and wind turbines.
To achieve the Maritime India Vision 2030 and Amrit Kaal Vision goals, Indian shipyards need to increase their annual output from 0.072 million gross tonnage (GT) to 0.33 million GT by 2030, and further to 11.31 million GT by 2047, according to KPMG.
On May 2, Adani Ports and Special Economic Zone Limited (APSEZ) reported a 76 per cent surge in consolidated net profit, reaching Rs 2,040 crore for the quarter ended March 31, 2024, driven by a significant rise in cargo volumes.
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