BEML, Sagarmala Sign Pact to Boost Maritime Manufacturing

• BEML has partnered with SMFCL to boost financial support for India’s maritime manufacturing sector
• The company signed an MoU with HD Korea and Hyundai Samho to develop next-gen maritime cranes with full support services
• BEML operates in defence, mining, construction, rail, and metro sectors, expanding into maritime

Recently, BEML, a defence PSU, announced a strategic partnership with the Sagarmala Finance Corporation Ltd. (SMFCL) to provide financial support to India's maritime manufacturing sector.

The objective of this partnership is to create dedicated capital pools to improve the country's manufacturing capability within the maritime industry, thus supporting the government's vision of increasing indigenous production while reducing imports.

Both companies have partnered to enhance maritime manufacturing in India, focusing on shipbuilding, port infrastructure, and defence manufacturing, while supporting the Make in India initiative and advancing marine equipment production.

SMFCL, which was previously known as Sagarmala Development Company Limited, has been established as India's first dedicated non-banking financial institution exclusively for the maritime sector.

The PSU stated, "BEML Ltd has signed a strategic MoU (memorandum of understanding) with Sagarmala Finance Corporation Ltd to unlock dedicated financial support for India's domestic maritime manufacturing ecosystem."

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The partnership with BEML is intended to expedite the establishment of critical maritime infrastructure.

BEML has entered into a partnership with HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries through a tripartite Memorandum of Understanding (MoU).

The agreement addresses developing, designing, producing, and supporting next-gen conventional and autonomous maritime/port cranes within India through collaboration.

In addition, this partnership will provide after-sales service, spare parts supply, and training support for these newly introduced products.

BEML Ltd is focused on three core business areas such as Defence & Aerospace, Mining & Construction, and Railways & Metro, and on expanding into the Maritime Sector.