Alphard Maritime to establish $500 million shipping fund in GIFT City

01 Oct 2024 CW Team

The initiative will see Alphard contribute Rs 5 billion, while associates will provide an additional Rs 45 billion, aiming to help Indian fleet owners acquire assets valued between $10-20 million. “Once operational, the fund will serve as an enabler for Indian shipping tonnage,” Capt. Alok said.

GIFT City, India’s first International Financial Services Centre (IFSC), has become a hub for shipping companies to explore ship leasing opportunities. Alphard is one of a dozen firms leveraging this platform to facilitate shipbuilding and financing activities.

With the Union government offering financial assistance to local shipyards, Alphard Maritime is keen to support the domestic shipbuilding industry from the start. Capt. Alok also suggested that Indian banks, which currently lack a dedicated shipping desk, should establish a fund exclusively for the sector.

The fund is being developed in collaboration with PwC and is backed by European lenders already doing business with Alphard. Capt. Alok also urged the government to create a dedicated shipping fund at GIFT City to further attract investments.

He highlighted some regulatory challenges, suggesting that GIFT City should have its own infrastructure for ship registration and certification. Alternatively, he proposed establishing a local office of the Directorate General of Shipping to expedite processes, noting that current clearances in India can take up to a month compared to just two hours in international jurisdictions.

In addition, Capt. Alok recommended that state-owned enterprises like ONGC should offer long-term contracts (10-15 years) for offshore vessels, which would incentivise fleet owners to build ships domestically, despite higher costs due to Goods and Services Tax (GST) implications.

Alphard Maritime sees GIFT City as a strategic location for ship leasing due to various tax exemptions and incentives. “It makes economic sense to come through GIFT City, and once more transactions occur, the initial issues will be resolved,” he concluded. (ET)

Alphard Maritime Group has announced plans to set up a $500 million shipping fund in Gujarat’s International Finance Tec-City (GIFT City) to bolster India’s shipping tonnage. Speaking at the ‘Global Ports and Shipping Summit’ in Mumbai, Captain Alok Kumar, Chairman and Promoter of Alphard Maritime, emphasised the fund’s role in supporting Indian fleet owners. The initiative will see Alphard contribute Rs 5 billion, while associates will provide an additional Rs 45 billion, aiming to help Indian fleet owners acquire assets valued between $10-20 million. “Once operational, the fund will serve as an enabler for Indian shipping tonnage,” Capt. Alok said. GIFT City, India’s first International Financial Services Centre (IFSC), has become a hub for shipping companies to explore ship leasing opportunities. Alphard is one of a dozen firms leveraging this platform to facilitate shipbuilding and financing activities. With the Union government offering financial assistance to local shipyards, Alphard Maritime is keen to support the domestic shipbuilding industry from the start. Capt. Alok also suggested that Indian banks, which currently lack a dedicated shipping desk, should establish a fund exclusively for the sector. The fund is being developed in collaboration with PwC and is backed by European lenders already doing business with Alphard. Capt. Alok also urged the government to create a dedicated shipping fund at GIFT City to further attract investments. He highlighted some regulatory challenges, suggesting that GIFT City should have its own infrastructure for ship registration and certification. Alternatively, he proposed establishing a local office of the Directorate General of Shipping to expedite processes, noting that current clearances in India can take up to a month compared to just two hours in international jurisdictions. In addition, Capt. Alok recommended that state-owned enterprises like ONGC should offer long-term contracts (10-15 years) for offshore vessels, which would incentivise fleet owners to build ships domestically, despite higher costs due to Goods and Services Tax (GST) implications. Alphard Maritime sees GIFT City as a strategic location for ship leasing due to various tax exemptions and incentives. “It makes economic sense to come through GIFT City, and once more transactions occur, the initial issues will be resolved,” he concluded. (ET)

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Real Estate

01 Dec 2025

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Infrastructure Energy

03 Dec 2025

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..