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BEML Ltd has announced two key agreements aimed at improving financial access and technological capabilities in India's maritime manufacturing sector. The first pact, signed with Sagarmala Finance Corporation Limited (SMFCL), focuses on enabling dedicated funding support for domestic maritime production, in line with the Centre's push for greater self-reliance. In another agreement, BEML partnered with HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries to jointly design, develop, and manufacture next-generation conventional and autonomous port cranes. The collaboration also covers after-sales services, spare parts, and training support.
BEML Ltd announced during the past week that it has entered into a strategic partnership with Sagarmala Finance Corporation Limited (SMFCL) to improve financial support for India's maritime manufacturing sector. The agreement aims to create dedicated funding channels that can strengthen domestic manufacturing capacity, an area the Centre has been prioritising as part of its broader effort to enhance indigenous production and reduce import reliance. Advertisement
SMFCL, previously known as Sagarmala Development Company Limited, is recognised as India's first maritime sector'focused non-banking financial company. The PSU stated in its exchange filing that it had signed a strategic memorandum of understanding with SMFCL to facilitate structured financial assistance for the country's maritime manufacturing ecosystem.
In another development reported in a separate filing, BEML confirmed that it has entered into a tripartite memorandum of understanding with HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Samho Heavy Industries. This collaboration is intended to jointly design, develop, manufacture, and support next-generation conventional and autonomous maritime and port cranes within India. The agreement also covers after-sales service, spare parts support, and training, ensuring long-term assistance for end users.
BEML continues to operate through its three major business verticals-defence and aerospace, mining and construction, and rail and metro. The latest partnerships add to its ongoing efforts to expand capabilities in areas aligned with national manufacturing and infrastructure goals.
Source PTI
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