Swan Defence and Heavy Industries Limited (SDHI), India’s largest shipbuilding and heavy fabrication company, has signed a strategic Memorandum of Understanding (MoU) with Sagarmala Finance Corporation Limited (SMFCL), India’s maritime-focused non-banking financial company (NBFC). The partnership aims to explore projects in newbuilds, ship repairs, and ancillary maritime infrastructure under the Maritime focused Equity Fund (MfEF).
The MoU focuses on four key areas: technical and commercial evaluation, project financing, execution, and ecosystem development, aligning with Maritime India Vision 2030, PM Gati Shakti, and India’s ambition to become a global shipbuilding leader.
SDHI and SMFCL will conduct feasibility studies on project design, yard capacity, vessel types, and technology integration. The collaboration will promote advanced, sustainable shipbuilding technologies, including green fuels, energy-efficient designs, and digital shipyards, while strengthening domestic supply chains and vendor development.
Under the MoU, the partners will also design a comprehensive financing plan, involving equity, debt, and credit enhancements, and identify potential co-financiers from multilateral institutions, government agencies, and private investors.
Additionally, the partnership emphasizes sustainability and ESG compliance, focusing on emissions, safety, and labor standards to meet global benchmarks. SDHI and SMFCL will explore opportunities to increase vessel exports, integrate into international shipbuilding value chains, and foster industry-academia collaborations to build a skilled maritime workforce.