Two Cypriot shipping companies, Interorient Navigation and Danship and Partners, will invest 10 million rupees in the Indian shipping sector, marking the largest foreign direct investment in the shipping industry since it opened to foreign direct investment in 2005.
The news comes a month after Indian Prime Minister Narendra Modi's visit to Cyprus, where he held official talks with President Nikos Christodoulides.
Among the many issues discussed was the strengthening of cooperation between the two states in the maritime sector, as both states have signed an India-Cyprus Maritime Cooperation Framework Agreement.
According to Daniel Gautam Chopra, head of Danship and Partners, this investment will help increase India's capacity by procuring ships and registering them under the Indian flag.
He added that their ultimate goal is to become the largest shipping operator in India.
All ships involved in this investment will be registered under the Indian flag, thereby contributing to India's national shipping capacity and providing employment opportunities to Indian cadets, trainees, and seafarers.
The companies stated that the cargo secured for the transportation of Indian EXIM trade will remain within the Indian economy.
Interorient was founded in 1979 and manages a fleet of over 100 vessels worldwide, while Danship & Partners offers shipping services, including brokerage, commercial management, and consulting services to clients.
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