Visakhapatnam, Oct 6 (PTI) Union Shipping Minister Sarbananda Sonowal on Monday said that 112 vessels will be built in joint ventures with oil public sector units, thereby saving USD 350 billion in forex.

Addressing a meeting at Visakhapatnam Port Authority (VPA), Sonowal said this initiative of building vessels will contribute to the country's efforts to save USD 75 billion in foreign exchange paid annually towards freight charges to foreign shipping lines.

"Oil PSU joint ventures to build 112 vessels, save USD 350 billion forex by 2047," he said, adding that the Shipping Corporation of India (SCI) is working with the oil PSUs to aggregate demand for the 112 vessels.

Highlighting that a series of transformative policy measures were undertaken by the government to build a robust maritim

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