Western Marine to build ships for India's Jindal

Marine Shipyard, a leading shipbuilder of the country, has struck a deal with Indian business conglomerate Jindal Group to supply 10 cargo ships worth Tk 480 crore, the Bangladeshi company said yesterday.  

Western Marine signed the agreement with Jindal Steel Works Ltd in Mumbai on March 5 for building the ships. However, the company disclosed information about the deal yesterday at a press conference in Dhaka.

In the first phase, the company will build six ships to be delivered in the next 18 months, and the rest after successful completion of the first phase, according to a press release.  

Bank Asia Ltd is the financial partner of Western Marine for construction of the first two ships.

Speaking at the press conference, Industries Minister Amir Hossain Amu said the government was always eager to enhance bilateral trade between the two countries. The shipbuilding project between Western Marine and Jindal had highly contributed to this.

Sandeep Chakravorty, India's deputy high commissioner to Bangladesh, said his government had high hopes for Bangladesh-India friendship, and this new project gave a new dimension to it.

Saiful Islam, chairman of Western Marine, said it was a matter of great pride for Bangladesh shipbuilding industry to get associated with a renowned organisation like Jindal, which has huge contribution to India's power and steel sectors.

“This way the two countries will strengthen ties, and we hope to have more shipbuilding orders from India,” he said.

Sakhawat Hossain, managing director of Western Marine, said the country's shipbuilding industry is gradually recovering after a fall in order from overseas buyers in recent years, and the order from the Indian company is a sign of that.

He said the local shipbuilders in the past focused only on the European market, but now the market in Asia and Asia Pacific was growing. This is the first time Bangladesh will build ships for Indian company.  

At present, Western Marine is engaged in ship construction for New Zealand, Kenya, Uganda and India as well as local buyers, said the press release.  

A Rouf Chowdhury, chairman of Bank Asia, was also present at the press conference.