This is the largest FDI in India's shipping industry
What's the story
Cyprus-based Interorient Navigation Co Ltd and Denmark-based Danship & Partners Ltd have announced a massive ₹10,000 crore investment in India's shipping industry. This is the biggest foreign direct investment (FDI) in the sector since it was opened to 100% FDI in 2005. The announcement comes after Prime Minister Narendra Modi's visit to Cyprus last month.
Impact
Boost to India's shipping tonnage
The investment will see all ships acquired under the initiative registered under the Indian flag. This move is expected to significantly boost India's national shipping tonnage. The freight income from carrying Indian EXIM (export-import) trade will also be present within the domestic economy, further bolstering trade and employment opportunities in India.
Company profiles
A look at the 2 companies
Founded in 1979, Interorient is a leading name in international shipping with a fleet of more than 100 vessels worldwide. Meanwhile, Danship & Partners offers maritime services like shipbroking, commercial management and consultancy for its clients across the global shipping industry. Their investment marks a major step forward for India's maritime capabilities and will create new opportunities within the industry.