India's Maritime Vision 2030: Adani Group Eyes Shipbuilding At Mundra Port As Global Shipyards Hit Capacity

Swarajya Staff

Jul 09, 2024, 10:11 AM | Updated 10:11 AM IST

Adani Mundra Port. (Representative image)
Adani Mundra Port. (Representative image)

The Adani Group intends to begin constructing ships at its main Mundra Port in Gujarat, given that shipyards in countries such as China, South Korea and Japan are fully booked until 2028, as reported by the Economic Times.

This situation is forcing global fleet owners to consider alternatives, making it likely to view India as a potential manufacturing site for new vessels.

The plan aligns with India's ambitious goal to become a part of top 10 shipbuilders by 2030, as per the Maritime India Vision 2030, and to reach the top five by 2047, as outlined in the Maritime Amrit Kaal Vision.

Currently, India ranks 20th in the global commercial shipbuilding market with a marginal share of 0.05 per cent. Indian-owned and flagged ships account for about 5 per cent of the country's total overseas cargo-carrying needs.

The Adani Group's investment in shipbuilding also comes at a time when the global shipping industry is gradually shifting towards green ships to meet decarbonisation goals.

It is estimated that over 50,000 vessels will need to be built in the next 30 years to replace existing fleets.

To achieve the Maritime India Vision 2030 and Amrit Kaal Vision targets, the annual output of Indian shipyards needs to increase from 0.072 million gross tonnage (GT) to 0.33 million GT by 2030 and further to 11.31 million GT per year by 2047, according to KPMG.

Mundra Port, which handles the highest volume of any port in India, is set for significant investments in upcoming and ongoing projects by the Adani Group.

Additionally, the group plans to establish the world's largest renewable energy manufacturing hub in Mundra — to include production units for nearly all components required for green energy generation facilities, including polysilicon, ingots, wafers, cells, solar modules, and wind turbines.

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