News Update
11 Oct 2024
JSW Infra receives LoI to develop port project worth over Rs 4,000 cr
JSW Infrastructure Limited has received a Letter of Intent from the Maharashtra Maritime Board to develop an all-weather multipurpose port in Murbe village, Palghar, with an estimated cost of ₹4,259 crore, expected to create 1,500 jobs. The project aligns with JSW Infra's growth plan to increase capacity from 170 MTPA to 400 MTPA by FY30. The concession agreement will be valid for 70 years, pending the fulfillment of terms outlined in the LOI, and the site benefits from proximity to major highways and rail corridors.
10 Oct 2024
Cabinet approves development of National Maritime Heritage Complex at Lothal, Gujarat
The Union Cabinet approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat, including in-principle approval for Phases 1B and 2 of the project. A separate society will be established to manage future phases, overseen by a Governing Council led by the Minister of Ports, Shipping & Waterways. The NMHC will feature a large museum with naval galleries, the world's tallest lighthouse museum, and various theme parks and aquatic exhibits.
10 Oct 2024
Andhra Pradesh issues EOI to boost port infrastructure, enhance maritime trade
The Andhra Pradesh government has issued an Expression of Interest (EOI) to construct, operate, and maintain various ports, aiming to modernize facilities and enhance logistics along its extensive coastline. By inviting domestic and international investors for public-private partnerships, the initiative seeks to boost economic growth, increase cargo handling, and strengthen the logistics sector. This move aligns with India's national maritime policy and positions Andhra Pradesh as a key player in the country's maritime trade landscape.
10 Oct 2024
Singapore’s Ocean Network Express to connect India’s two coasts via Colombo
Ocean Network Express (ONE) will launch a new weekly service, the Indian Coastal Express, connecting India's West and East Coasts via Sri Lanka, enhancing its network in the region with key transshipment hubs. The service, starting on October 23 from Visakhapatnam, will operate on a 28-day route that includes multiple ports and aims to capitalize on the cost-effectiveness of coastal shipping. Supported by the Sagarmala Programme, the initiative is part of broader efforts to improve freight movement, including infrastructure development and financial incentives for coastal operations.
3 Oct 2024
Indian logistics market to expand to Rs 13.4 trillion by FY28: Report
The Indian logistics market, valued at ₹9 trillion in FY23, is expected to grow to ₹13.4 trillion by FY28, with a CAGR of 8-9%, driven by structural changes, technological advancements, and government initiatives. The National Logistics Policy aims to enhance infrastructure, increase railway freight share through dedicated freight corridors, and improve road and inland waterways. Additionally, the push for port privatization is enhancing efficiency and infrastructure at Indian ports, benefiting major operators.