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Two Cypriot Shipping Companies To Invest Rs 10,000 Crore In Indian Maritime Sector
Two Cypriot Shipping Companies, Interorient Navigation and Danship and Partners, will be investing Rs. 10,000 crores in the Indian Shipping Sector, by far the largest ever foreign direct investment in the industry since it was opened to 100% FDI in 2005.
The news comes a month after the Indian P.M Narendra Modi, visited Cyprus, where he had formal discussions with the President of Cyprus, Nikos Christodoulides.
Among the many issues discussed was strengthening the cooperation between the two nations in the maritime domain, as both are major maritime nations with an Indo-Cyprus Maritime Cooperation Framework Agreement in place.
Per Daniel Gautam Chopra, who heads the Danship and Partners, this investment will aid in increasing India’s tonnage by procuring ships and registering them under the Indian Flag.
He added that their eventual goal is to become the biggest shipping operator in India.
All vessels under this investment will be registered under the Indian Flag, contributing to India’s national shipping tonnage and will provide employment for Indian cadets, trainees and seafarers.
The companies said that the freight earned for the carriage of Indian EXIM trade will remain in the Indian economy.
Interorient was established in 1979 and operates a fleet of more than 100 vessels worldwide, while Danship & Partners offers maritime services like shipbroking, commercial management, and consultancy for clients.
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