Japan's MOL is exploring partnerships with Indian firms to build tankers locally, supporting India's push to expand domestic manufacturing in the maritime sector, chief executive Takeshi Hashimoto said at the APPEC conference in Singapore, reports Reuters.

Mr Hashimoto said the Indian government prefers new vessels to be built within the country and Mitsui OSK is keen to participate in such projects. He stressed the need for close cooperation with Indian shipyards.

India is revising its maritime laws to allow foreign involvement in shipbuilding, ports and shipyards, aiming to cut freight payments to overseas firms by one-third by 2047.

The country's shipping fleet has lagged behind its growing trade volumes, including energy imports and refined oil exports, prompting calls for increased domestic shipbuilding capacity.

In its February budget, New Delhi announced a RUB250 billion (US$2.84 billion) maritime development fund to support long-term financing for shipbuilding and repair.

Shipbuilding is part of India's broader strategy to become a global manufacturing hub through multibillion-dollar investments in key industrial sectors.