Gautam Adani, head of the Adani Group, plans to start shipbuilding at the group's flagship Mundra Port. With shipyards in China, South Korea, and Japan fully booked until 2028, this initiative is expected to attract global fleet owners to India as an alternative production hub for future vessels.
India's Ambitious Shipbuilding Goals
This move aligns with India's Maritime India Vision 2030, which aims to position India among the top ten shipbuilders by 2030 and the top five by 2047. Currently, India ranks 20th in the global commercial shipbuilding market with a share of less than 1%. The Adani Group has not yet responded to inquiries from Economic Times regarding this development.
Mundra Port's Strategic Importance
Mundra Port, India's largest by volume, is central to the Adani Group's plans, which include significant investments in both ongoing and future projects. Additionally, the group aims to establish the world's largest renewable energy manufacturing hub in Mundra, Gujarat. This hub will produce essential components for green energy generation, including polysilicon, ingots, wafers, cells, solar modules, and wind turbines.
Meeting Maritime India Vision 2030 Targets
To achieve the Maritime India Vision 2030 and Amrit Kaal Vision goals, India's shipyards need to increase their annual output 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 a report by KPMG.
Adani Ports' Financial Performance
Adani Ports and Special Economic Zone Limited (APSEZ) reported a 76% increase in consolidated net profit, reaching Rs 2,040 crore for the quarter ending March 31, 2024. This surge in profit was driven by higher cargo volumes.
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