Gautam Adani Plans Shipbuilding At Mundra Port: Report

Billionaire Gautam Adani plans to commence shipbuilding at Mundra Port, the flagship port of the Adani Group, due to shipyards in China, South Korea, and Japan being booked until 2028, according to a media report.

This move is expected to make India an attractive alternative for global fleet owners seeking new vessel manufacturing sites.

This initiative supports India's ambitious goal, announced last month, to rank among the top 10 shipbuilders by 2030 under the Maritime India Vision 2030 and to reach the top five by 2047. Currently, India is 20th in the global commercial shipbuilding market with a share of less than 1 per cent.

Mundra Port handles the highest volume of any port in India, and the Adani Group has significant investments planned for future and ongoing projects. Additionally, the Adani Group aims to establish the world's largest renewable energy manufacturing hub in Mundra, Gujarat. This hub will include production units for various components of green energy facilities, such as polysilicon, ingots, wafers, cells, solar modules, and wind turbines.

To meet the ambitious targets set by the Maritime India vision 2030 and Amrit Kaal vision, Indian shipyards need to increase their annual output from 0.072 million gross tonnages (GT) to 0.33 million GT by 2030, and further to 11.31 million GT per year by 2047, the report added.

On 2 May, Adani Ports and Special Economic Zone Limited (APSEZ) reported a 76 per cent increase in consolidated net profit, reaching Rs 2,040 crore for the quarter ending 31 March 2024, driven by a rise in cargo volumes.