REC to provide Rs 45,000 cr finance to JNPA

REC Ltd agreed to finance up to Rs 45,000 crore for various Jawaharlal Nehru Port Authority (JNPA) projects, which include the Vadhavan Port development. The memorandum of understanding was signed by REC Executive Director Rahul Dwivedi and JNPA Chairman Unmesh Sharad Wagh, with Union Minister Sarbananda Sonowal present to witness the agreement outlining this partnership.

The shipping ministry planned to launch a non-banking finance company under the Sagarmala initiative to address the financing needs of the shipping and shipyard sectors. Awaiting finance ministry approval, this NBFC aimed to provide competitive financing options to these sectors, which faced challenges in obtaining bank loans and lacked infrastructure status.

Jawaharlal Nehru Port (JNPA) is set to expand its container handling capacity to 10 million TEUs by April next year, announced Union Minister Sarbananda Sonowal. The port will also develop new liquid cargo berths under a Public-Private Partnership model, increasing its capacity to 11 MMTPA. Recent developments include the signing of MoUs, increased revenue from […]

The project is to be developed by the Vadhavan Port Project Ltd, a special purpose vehicle formed by the Jawaharlal Nehru Port Authority and the Maharashtra Maritime Board. Prime Minister Narendra Modi is likely to visit Maharashtra on August 30 for its foundation stone laying ceremony.

Adani Krishnapatnam Port introduced a new cargo handling system to boost its capacity and productivity. The system, designed to enhance efficiency in managing containerised and bulk cargo, included features like automated tracking and real-time data analysis. It promised better logistics coordination, increased safety, and faster turnaround times for operations.

India’s shipping ministry suggested constructing a seaport next to Bharat Petroleum Corp’s planned refinery in Andhra Pradesh to cut costs. The refinery could act as a key customer for the port. Andhra Pradesh proposed offering land at Machilipatnam, Ramayapatnam, or Mulapeta for the complex.

The government is readying a scheme to incentivise parcel movement on the Ganga, Brahmaputra and Barak rivers in the first phase. A discount of up to 35% on the invoice value for transporting goods is expected to be offered by a subsidiary of state-run Shipping Corporation of India, with the government reimbursing the company for […]

The 6th India-Australia Maritime Security Dialogue in Canberra focused on maintaining a safe maritime environment and collaboration in the Indo-Pacific Ocean Initiative. Delegations led by Muanpuii Saiawi and Sarah Storey discussed topics like maritime security, HADR coordination, and sustainable marine resource use. They also explored enhancing bilateral cooperation in areas such as Search and Rescue, […]

India’s seafaring industry has grown significantly, with the country now the fifth largest supplier of seafarers worldwide. Despite the growth, challenges such as visa requirements and fraudulent agents remain. Enhanced training and government support are key for India to become the top seafaring nation.

The government intended to propose a new shipbuilding policy to the cabinet, featuring a recycling credit note scheme and fixed subsidies over 10 years. The policy aimed to enhance the Indian shipbuilding sector by linking recycling benefits with domestic ship construction. The plan included creating maritime clusters in Andhra Pradesh, Gujarat, and Odisha.