New Delhi, Sept. 10 -- Japan's shipping giantMitsui O.S.K. Lines (MOL)is looking to collaborate with Indian companies to develop shipbuilding projects, particularly in the tanker segment.

The move is in line with India's ambition to strengthen its domestic shipbuilding industry and cut its dependence on foreign shipping by one-third by 2047.

Speaking at the APPEC conference in Singapore, MOL's President and CEOTakeshi Hashimotosaid the company is open to joint ventures withIndian shipyards and local partners.

He noted that India's growing trade requirements, particularly in energy imports and refined oil exports, highlight the urgent need to expand the country's shipping and shipbuilding capacity.

To encourage foreign participation, t...