Alphard Maritime Group plans to set out to establish a $500m shipping fund in the country’s new financial services centre, Gujarat International Finance Tec-City (GIFT City).
This initiative, revealed during the ‘Global Ports and Shipping Summit’ in Mumbai, is set to provide a much-needed boost to India’s shipping tonnage. Captain Alok Kumar, Chairman and Promoter of Alphard Maritime, announced the fund’s potential to revolutionize the landscape for Indian fleet owners.
Alphard Maritime aims to make it easier for them to invest in new ships, particularly those built in India. This will not only enhance the country’s shipping tonnage but also create more jobs and stimulate growth in related industries such as ship design, engineering, and manufacturing.
The plan is for Alphard to contribute Rs500 crore, while partners would provide another Rs4,500 crore to Indian shipowners looking to acquire assets worth between $10m and $20m.
Mumbai-based Alphard has been operating since 2009 with offices also in Singapore, UAE, Australia, and Greece.
The fund is being developed in partnership with PwC and is backed by European lenders that currently work with Alphard.
The company suggested the government should create a separate shipping fund in GIFT City to attract additional investors and recommended that state-owned companies should offer longer contracts to local players, which would in turn also support owners to build ships in India.
