Adanis to Build Ships

Reports indicate that the Adani Group is to announce a joint venture agreement for shipbuilding soon. It is said the group will invest in the new business and that it was in talks with European, Japanese and Korean shipbuilders for a joint venture. The new venture will likely be involved in the repair and maintenance of vessels. Shipping industry officials said the group had enough financial muscle for the new business. The venture into the shipbuilding industry marks a forward integration from the ports business for the Adani group, said a shipping industry official. The Mundra port already has 5,000 acres of land available for infrastructure development. The port is the largest private port in India, capable of handling more than 100m tonnes of bulk, liquid or containerised cargoes. According to shipping industry officials, Mundra port has almost no navigational constraints. The port has a draft of 17 meters, the deepest in India, which enables vessels up to capesize to berth alongside each other.