Interorient, Danship, and Partners announce ₹10,000 crore investment in Indian shipping

Cyprus-based Interorient Navigation Co. and Danship & Partners have committed to invest Rs 10,000 crore in the Indian shipping industry. This investment of Rs 10,000 crore is, by far, the largest ever FDI in the Indian shipping sector since this sector was opened to 100 percent foreign investment in the year 2005, a statement issued here stated. The move comes in the backdrop of Prime Minister Narendra Modi’s recent visit to Cyprus, the first-ever state visit to Cyprus by an Indian Prime Minister in over two decades. This mega investment symbolizes the deep and wide diplomatic relations, bilateral, between India & Cyprus and will bring the two countries even closer to each other.

During his visit, Modi held formal discussions with the President of Cyprus, Nikos Christodoulides, on a wide range of issues. Inter alia, the strengthening of cooperation between the two countries in the maritime domain was underscored.

Incidentally, both India and Cyprus are major maritime nations and also have an Indo-Cyprus Maritime Cooperation Framework Agreement in place. This historic investment proposal closely aligns with the roadmap of the Prime Minister of India’s vision of ‘Atmanirbhar Bharat’, contributing to a broader maritime infrastructure development under initiatives such as ‘Maritime India Vision – 2030’ and ‘Sagarmala’. This is a modest contribution towards fulfilling the blueprint of Modi’s ‘Amrit Kaal Vision 2047’ as well as Viksit Bharat.

This imminent FDI in India will contribute, among other things, to the following in the broader Indian national interest:  All the ships under this investment will be registered under the Indian flag, adding significantly to India’s national shipping tonnage. This will provide large employment for Indian cadets, trainees and seafarers. The freight earned for the carriage of Indian EXIM (export-import) trade will remain in the Indian economy.

This will also contribute to India’s economic security, overall. It will make for value-added contributions to India’s journey towards becoming the third-largest economy in the world over the next few years.