Historic Rs 10,000 Crore FDI Boosts Indian Shipping Sector

In a landmark development, Cyprus-based companies Interorient Navigation Co Ltd and Danship & Partners Ltd have unveiled a significant Rs 10,000 crore investment in India's shipping industry.

This transformative foreign direct investment marks the largest of its kind since the sector opened to full foreign participation in 2005, according to Interorient's statement.

The investment coincides with Indian Prime Minister Narendra Modi's recent visit to Cyprus, emphasizing Indo-Cypriot ties. All ships procured will be registered under the Indian flag, strengthening national shipping capacity and bolstering the domestic economy with retained freight earnings.

(With inputs from agencies.)