The industry has long been calling for expanding the national fleet and reduce dependence on foreign flagged ships said, Nirmala Sitharaman. More affordable and lucrative modes of financing for ships and aircrafts will be unveiled in the coming days. Pooling of funds through private equity by forming a variable company structure will be brought forward.
A ship owning and leasing entity funded by Maritime Development Fund will be established, which will form a SPV with state owned firms to jointly buy and operate ships. The Maritime Development Fund will invite contributions from national and international financial institutions, private investors, multilateral institutions and sovereign funds.
