Dr. Harry S. Banga and Angad Banga of the Caravel Group Acquire the International Maritime Institute

BusinessWire India
Noida (Uttar Pradesh) [India], March 12: Dr. Harry S. Banga and Angad Banga of The Caravel Group proudly announce their acquisition of the International Maritime Institute (IMI), India's premier maritime academy. This initiative in the not-for-profit segment reinforces The Caravel Group's commitment to developing the next generation of global maritime professionals and ensuring the industry's long-term sustainability.
The maritime industry is facing an urgent challenge to attract and develop young talent to sustain global shipping operations. Through this acquisition, The Caravel Group is making a long-term investment in the education and development of maritime professionals and creating lifelong career opportunities for the next generation.
In addition to its commitment to future seafarers, the Group will leverage IMI's capabilities to strengthen the training available to its 28,000-strong global workforce, ensuring that present officers, crew members and onshore professionals remain at the forefront of industry advancements.
Dr. Harry S. Banga, Chairman and CEO of The Caravel Group, stated: "Seafarers are the backbone of global trade, and investing in their education is not just a responsibility--it is a necessity. By bringing IMI into The Caravel Group, we are ensuring that maritime professionals receive a world-class education, equipping them for successful careers at sea."
A Strategic Investment to Bolster India's Maritime Future
India's maritime sector is integral to its economic growth, transporting approximately 95% of its national trade volume and 68% of its trade value. With a coastline spanning 7,517 kilometers and a deep-rooted maritime legacy, India ranks among the top three countries globally in supplying seafarers, with an estimated 250,000 maritime professionals. The proportion of Indian seafarers in global shipping is projected to reach 20% over the next decade. Recognizing the sector's potential, the Indian government has outlined ambitious initiatives such as the $3 billion Maritime Development Fund, aimed at expanding the shipbuilding industry, modernizing infrastructure, and supporting the training and deployment of highly skilled maritime personnel.
Caravel's acquisition of IMI aligns with India's broader vision to enhance its maritime capabilities and establish itself as a global leader in seafarer training and shipping innovation. By integrating IMI's educational excellence with Caravel's operational expertise, this partnership can further strengthen the nation's role as a primary hub for world-class maritime training.
Developing the Future Generation of Seafarers Globally
With 90% of world trade transported by sea, the maritime industry depends on well-trained professionals to move the ships that deliver the goods and commodities that economies rely on. This investment ensures that the next generation of seafarers is fully prepared to navigate modern fleets, comply with evolving regulations, and operate the advanced technologies that the industry will need onboard ships in the future.
Angad Banga, COO of The Caravel Group, emphasised the importance of the latest addition to The Caravel Group's maritime business: "Our industry is undergoing rapid transformation, with digitalisation, automation, and sustainability reshaping the way ships are operated. IMI will play a crucial role in ensuring that seafarers are equipped with the skills they need to excel."
Through IMI, The Caravel Group will provide world-class maritime education, expand career pathways for aspiring cadets and marine engineers. This acquisition ensures that IMI remains a leader in maritime education and continues to produce highly skilled talent for the international shipping industry.
IMI will continue to develop future ship officers through its renowned pre-sea training programmes, while also introducing specialised courses in emerging maritime technologies, alternative fuels, and sustainability-driven operations. The institute will remain at the forefront of maritime education, ensuring cadets are prepared for the challenges of the modern shipping industry.
Strengthening Training for The Group's Current Maritime Professionals
The Caravel Group will apply IMI's knowledge and expertise to advance the learning and development programmes on offer to its 28,000-strong workforce across Fleet Management Limited and other maritime operations. This will include advanced simulator training, as well as specialised courses in alternative fuels, emissions reduction, and digital navigation. The Caravel Group will also expand leadership programmes to support career progression from cadet training to senior command roles.
Dr. Harry S. Banga, a qualified Master Mariner himself, added: "The lessons that I learned at the Training Ship (T.S.) Dufferinhave stayed with me throughout my career. It is vital that we create opportunities for the next generation to learn and succeed."
The International Maritime Institute (IMI), Noida
Established in 1991 by a group of distinguished mariners, the International Maritime Institute (IMI) in Noida, India, is one of the country's most respected maritime academies, specialising in pre-sea training for cadets. It was founded with a guiding mission to train world-class mariners who uphold the highest standards of integrity, professionalism, and dedication. IMI will continue to serve as a beacon of excellence with state- of-the-art maritime simulators and training facilities for Deck and Engine cadets, overseen by world class faculty and academic staff.
As a key global hub for maritime talent, India plays a vital role in contributing highly skilled seafarers to the international shipping industry. IMI graduates have gone on to serve in leading global shipping companies, contributing to the safe and efficient operation of vessels worldwide.
Capt. GPS Bhalla, the International Maritime Institute's Promoter Director, said: "The International Maritime Institute has built a strong foundation through long-standing industry partnerships and a commitment to excellence in maritime training. Under The Caravel Group, and the Banga family's stewardship, IMI will continue to provide exceptional career development opportunities and shape the next generation of maritime professionals for decades to come."
The Caravel Group is committed to preserving IMI's legacy while investing in curriculum enhancements, faculty development, and expanded career placement programs to maximise student success.
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