New Delhi, Feb. 19 -- Minister of State for Ports, Shipping and Waterways Shantanu Thakur termed the contract between CMA CGMA Group and Cochin Shipyard Limited (CSL) a step in India's shipbuilding plans.

Speaking to reporters, Thakur said, "It is a great initiative. It would be one of the most important developments in the shipbuilding sector. Under the leadership of the Prime Minister Narendra Modi, our target is to reach the fifth position by 2047, and this is a significant step."

Highlighting regional prospects, he added, "In Southeast Asia, I think this is a great opportunity for every country belonging to the sea because we can supply many ships from our facilities."

Meanwhile, the Global shipping company CMA CGM and CSL signed a...