The government is giving coastal cruise services a push by offering IGST waiver to luxury vessels converting to coastal run and encouraging setting up of cruise terminals in ports. The near-term goal is to encourage tourists who would otherwise be boarding cruises from Dubai or Singapore to onboard cruises from Indian destinations
India giving a push to cruise services with IGST waiver, cruise terminals
The demand for warehouses in India is expected to reach a five-year high in 2023, with the Industrial & Logistics sector projected to absorb 36-38 million square feet across the top 8 cities. The completion of pent-up projects and robust festive demand are contributing to this growth. Supply addition is also expected to increase, reaching […]
JSW Infrastructure is in discussions to acquire Gopalpur Ports, the ports arm of Shapoorji Pallonji, for an estimated enterprise value of 3,000 crore. The divestment is part of the Mistry family’s commitments to lenders in loan covenants. JSW Infrastructure sees Gopalpur Ports as a strategic fit that complements its steel-making operations.
Avaada Group has signed a memorandum of understanding (MoU) with Gopalpur Port Ltd to establish a green ammonia storage facility in Odisha. The capacity and investment details of the project have not been disclosed. The aim of this strategic alliance is to create a state-of-the-art storage facility dedicated to storing green ammonia at the Gopalpur […]
Locus, a last mile logistics company, is expanding its operations in India, Southeast Asia, the Middle East, and North America. The company provides routing, packing, and scheduling algorithms to help e-commerce and delivery companies reduce logistical costs and carbon footprints. Locus’ clientele includes major industry players such as Unilever, Nestle, Tata Group, and BlueDart. The […]
Finance Minister Nirmala Sitharaman has advocated for the establishment of a locally owned Protection and Indemnity Insurance (P&I) entity in India. She believes that such an entity would reduce the country’s vulnerability to international pressures and provide greater strategic flexibility in shipping operations. The Insurance Regulatory and Development Authority of India (IRDAI) is also keen […]
Investments to the tune of Rs 10 lakh crore were anchored during the three-day Global Maritime India Summit, 2023, which concluded on Thursday.
Sitharaman calls for developing capabilities, legal systems for intl arbitration centre for maritime sector
2 years ago
Indian Finance Minister Nirmala Sitharaman has called for the development of an international arbitration centre for the maritime sector. Sitharaman highlighted the need to improve capabilities and legal systems to meet global standards and enable Indians to lead cases rather than simply assisting senior lawyers in centres like London, Singapore, and Dubai.
Vir Kotak, a promoter of JM Baxi Group, has approached the Bombay High Court to intervene in the acquisition of JM Baxi Ports & Logistics by Hapag-Lloyd AG. Kotak claims that the transaction was initiated without his knowledge and has led to the alienation of his rights. The case has been adjourned to November 8.
The Indian government has identified the establishment of a transhipment port at Galathea Bay and a mega port at Vadhavan as priority areas for the ministry of ports, shipping, and waterways. The government also aims to increase cargo transportation on inland waterways and coastal shipping. Additionally, plans for green shipping include technological advancements, availability of […]