A month after Prime Minister Narendra Modi’s visit to Cyprus, two Cypriot shipping companies – Interorient Navigation and Danship and Partners – have announced a collaboration to invest Rs 10,000 crore in the Indian shipping sector.
“This investment of INR 10,000 crore is, by far, the largest-ever FDI (foreign direct investment) in the Indian shipping sector since this sector was opened to 100% FDI in 2005,” a joint statement by the companies said.
According to Daniel Gautam Chopra, who heads Danship and Partners, the investment will be used to increase India’s tonnage by procuring ships and registering them under the Indian flag.
“The eventual goal is to become the largest shipping operator in India,” Chopra told Business Standard.
