India's maiden ₹30,000 crore Maritime Development Fund (MDF) is garnering interest from the domestic and overseas financing majors, amid the initial discussions on its framework kicked off by the Ministry of Ports, Shipping, and Waterways. The Centre is looking for equity commitments, and has received interest from several institutions, multiple officials told Business Standard.
"We are looking at raising equity from long-term investors and have had several rounds of discussions with banks, non-banking financial companies (NBFCs), and institutional investors, who have shown keen interest in being a part of the fund," an official said.
Wave of investment
Multiple banking sources confirmed that they were willingto lend to specific maritime projects but stakeholders await the creation of the dedicated fund.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships. India holds less than 1 per cent of the global shipbuilding market, which is dominated by China, South Korea, and Japan.
In June, the shipping ministry conducted a meeting with potential investors to gauge initial interest in the fund.
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