Billionaire Gautam Adani plans to start building ships at the Adani Group flagship Mundra Port, as yards in countries like China, South Korea and Japan are booked until 2028, The Economic Times reported.
This is likely to result in global fleet owners to look at India as an alternate manufacturing site for new vessels.
Moneycontrol couldn't independently verify the report.
This aligns with India's bold target laid out last month to become one of the top 10 shipbuilders as per the Maritime India Vision 2030 and be in the top five by 2047.
India is ranked 20th in the world commercial shipbuilding market with a share of less than 1 percent. The Adani Group hadn't responded to emailed queries sent by ET, according to the report.
Mundra handles the highest-ever volume by any port in India and Adani Group has lined up major investments for upcoming and ongoing projects.
The Adani Group also has plans to build the world’s largest renewable energy manufacturing hub in Mundra, Gujarat, which will also house production units of almost all things that go into green energy generation facilities, including polysilicon, ingots, wafers, cells, solar modules and even wind turbines.
Also Read | Adani Ports wins green nod for Rs 45,000 crore Mundra expansion: Report
To reach the ambitious Maritime India Vision 2030 and Amrit Kaal Vision targets, the annual output of the Indian shipyards needs to be increased from 0.072 million gross tonnage (GT) to 0.33 million GT by 2030 and further to 11.31 million GT a year by 2047, the report said, quoting KPMG.
Adani Ports and Special Economic Zone Limited (APSEZ) on May 2 reported a 76 percent surge in consolidated net profit at Rs 2,040 crore for the quarter ended March 31, 2024, helped by a jump in cargo volumes.
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