Adani eyes ship building at Mundra Port: Report

9 Jul 2024 , 10:45 AM

Gautam Adani intends to begin shipbuilding at the Adani Group’s flagship Mundra Port, while yards in China, South Korea, and Japan are fully booked until 2028, according to The Economic Times.

This is expected to lead global fleet owners to consider India as an alternative production destination for future vessels.

This is consistent with India’s ambitious goal, set last month, of becoming one of the top ten shipbuilders under the Maritime India Vision 2030 and one of the top five by 2047.

India ranks 20th in the global commercial shipbuilding market, with a share of less than 1%. The Adani Group had not responded to ET’s emailed inquiries, according to the report.

Mundra has the biggest volume of any port in India, and Adani Group has planned significant expenditures for prospective and ongoing projects.

The Adani Group also intends to build the world’s largest renewable energy manufacturing hub in Mundra, Gujarat, which will also house production units for almost everything used in green energy generation facilities, such as polysilicon, ingots, wafers, cells, solar modules, and even wind turbines.

To meet the ambitious Maritime India Vision 2030 and Amrit Kaal Vision targets, the yearly output of Indian shipyards must climb from 0.072 million gross tonnage (GT) to 0.33 million GT by 2030, and then to 11.31 million GT per year by 2047, according to the report, citing KPMG.

Adani Ports and Special Economic Zone Limited (APSEZ) announced a 76 percent increase in consolidated net profit to Rs 2,040 crore for the quarter ended March 31, 2024, boosted by higher cargo volumes.

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