Pentagon Marine Services plans Rs 50 crore shipping hub in Gujarat

The Mumbai-based company is in the process of identifying location for the hub

Mumbai-based Pentagon Marine Services is planning to construct a shipping hub across 30 acres of land in Gujarat. The company plans to investment Rs 50 crore in next 3-4 years and is in the process of identifying location for the hub.

To be developed in collaboration with Singapore based marine technocrats, the proposed hub will house ship repairs and maintenance facility as well as a world-class maritime training institute. The institute will offer pre-sea training courses to young students keen on careers in merchant navy, and port administration, among other things. For this, the company will follow curriculum recognised by the Director General of Shipping even as the the institute will look to train merchant navy officers keen on upgrading their skills.

According to Nalin B Pandey, Chairman and Managing Director, Pentagon Marine Services, while Gujarat has ship breaking and ship building activities, ship repair and maintenance activities are missing in the state.

"We expect the proposed shipping hub to be fully operational by 2018. By March 2015, we will be able to identify a suitable piece of land for the proposed hub in a maritime cluster under the guidance of Govt. of Gujarat, Gujarat Maritime Board and the technocrats. We are likely to sign a strategic tie-up with a private equity fund to finance the entire project. Also, we may go for an IPO," said Pandey, adding that the company is in talks with Gujarat Venture Finance Limited (GVFL) for equity investment.

The company anticipates 50-60 ships rolling per annum for repair once commissioned. However, Pandey added that regions like Singapore and Dubai witnesses 400 and 150 ships being repaired or maintained per annum, respectively.

The institute, on the other hand, will see a capacity of 300-350 seats per annum. Moreover, Pandey stated that the company will later on apply for deemed university status.

"Our shipping hub will generate huge revenue for the state exchequer, offer enormous employment opportunities and groom suitable workforce needed by the global marine industry. Parameters like business friendly atmosphere in the state, availability of skilled labour, strategically located coastline, ongoing development of ports and supportive role of state-govt. in setting up the Greenfield projects have influenced me to choose Gujarat as an ideal investment destination," said Pandey.

Pentagon Marine Services offers specialised services including ship management, crew management, ship repairs, and ship inspections, among others and has branch offices in Singapore, Chennai and New Delhi.