Approval Granted for Initial Marine Sector Environmental Outfit Unit by MEPZ Authority
BNT Marine Crafts Achieves First EOU Status in MEPZ's Marine Sector
In a significant development, BNT Marine Crafts (India) Pvt. Ltd has been approved by the Madras Export Processing Zone (MEPZ) SEZ as the first 100% Export Oriented Unit (EOU) in the marine sector under its jurisdiction. The company will convert its Domestic Tariff Area unit in Abishegakuppam, Puducherry, into this specialized status.
The conversion of the BNT Marine Crafts unit signifies a potential boost for exports in the marine sector under MEPZ. This marks the first-ever marine sector EOU under MEPZ's jurisdiction, indicating diversification of industries under the SEZ to include marine manufacturing.
Key details about this approval and its implications include:
- Manufacturing Scope: The unit will produce semi-submarines, tourist vessels, and commercial and premium vessels.
- Investment and Economic Impact: The projected investment for the BNT Marine Crafts unit is Rs. 2.25 crore. Over five years, the company is expected to generate an estimated net foreign exchange earning of Rs. 32 crore.
- Employment: This transformation is expected to create 77 new jobs directly.
- Significance for MEPZ: This marks MEPZ SEZ’s first marine sector EOU, showcasing robust economic activity within this zone. In the fiscal year 2025, MEPZ SEZ attracted Rs. 155 crore in investments and generated 6,666 jobs.
This approval represents a strategic move to enhance the export capacity of marine manufacturing in India, leveraging SEZ benefits such as duty-free imports and streamlined export procedures to boost foreign exchange earnings and employment in Abishegakuppam and the broader region.
The converted unit will be a 100% Export Oriented Unit (EOU), and the approval for the conversion was granted by the 8th Unit Approval Committee of MEPZ. The Madras Export Processing Zone (MEPZ) SEZ has a unit located at Tambaram, Chennai.
In conclusion, the designation of BNT Marine Crafts as a 100% EOU under MEPZ SEZ is a pioneering step for the marine export sector in this zone with projected substantial economic and employment benefits.
Read also:
- Study conducted by the Centre for Chronic Disease Control (CCDC) reveals that two-drug combination therapies are successful in enhancing blood pressure control among Indians.
- Medications for heart failure, plus additional methods of treatment
- catastrophic landslide claims lives of 7 charitable workers restoring flood destruction in northern Pakistan
- Russian drone attacks cause damage to defence industry centers throughout Ukraine
