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Maritime Sector

Government defense company BEML Limited has entered into an important strategic agreement with Sagarmala Finance Corporation Limited (SMFCL), which aims to strengthen India's rapidly growing marine manufacturing sector. This MoU has been signed at a time when the country is making serious efforts towards increasing domestic production in the maritime industry and reducing dependence on imports.

Marine manufacturing ecosystem will get new direction

SMFCL, earlier known as Sagarmala Development Company, is India's first NBFC which provides funding exclusively to the maritime sector. Under the new agreement, this company will provide dedicated financial support to the industry with the help of BEML, which will increase the capacity to build shipping, port equipment and related infrastructure in the country.

BEML said that this step will give a new direction to the domestic marine manufacturing ecosystem. According to the company, providing dedicated funding will increase the possibilities for Indian manufacturers to produce modern and large-scale products, which will make the country less dependent on imports of foreign equipment.

Agreement also signed with Korean company

Along with this, BEML has signed another big agreement with HD Korea Shipbuilding and Offshore Engineering and HD Hyundai Samho Heavy Industries. This trilateral MoU is based on design, development, manufacturing and technical support of next-generation, autonomous and conventional port cranes in the country. Under this partnership, after-sales service, spare parts support and training systems will also be developed for cranes.

BEML operates in three major business sectors: Defense & Aerospace, Mining & Construction, and Rail & Metro. But the company is now serious about strengthening its hold in the maritime sector. Experts believe that this initiative will not only help in the expansion of the industry, but can also establish India as a strong player in the field of global marine equipment manufacturing.