BEML's Strategic Alliance to Propel Maritime Manufacturing

BEML Ltd has joined forces with Sagarmala Finance Corporation Ltd to bolster India's maritime manufacturing sector financially. This partnership aims to enhance domestic production while reducing import reliance. BEML also signed an MoU with Korean firms to advance maritime and port crane technologies.

Defence PSU BEML Ltd has forged a strategic partnership with Sagarmala Finance Corporation Limited (SMFCL) to intensify financial backing for India's maritime manufacturing sector.

This move is a significant step toward accessing dedicated funding avenues, aiming to strengthen manufacturing capabilities within the maritime industry. The initiative aligns with the central government's vision of augmenting indigenous production and cutting down on import dependence. SMFCL, once known as Sagarmala Development Company Limited, stands as the nation's premier maritime non-banking financial institution.

BEML disclosed via BSE that it has formalized a strategic MoU with Sagarmala Finance Corporation to unlock crucial financial support for India's maritime manufacturing. In another announcement, BEML revealed its partnership with HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries to design, develop, manufacture, and support state-of-the-art maritime and port cranes in India. This collaboration also promises comprehensive after-sales service, spare parts supply, and training for sustained support. BEML's operations span defence, aerospace, mining, construction, and rail and metro sectors.

(With inputs from agencies.)