Hindustan Shipyard Limited (HSL) is at an advanced stage of finalising a joint venture agreement with a leading Israeli company for bidding for 15 interceptor vessels, Shipping Minister T R Baalu said on Wednesday.

Interacting with Israeli Deputy Premier Shaul Mofaz, Baalu said under the existing policy, the country was expecting nearly US$22 billion investment in the port sector by 2025 and 100 per cent FDI has allowed through the automatic route in construction and maintenance of ports and harbours, according to an official release.

Both of them agreed to explore the possibility of setting up joint working groups to enhance cooperation in road safety. The two sides also discussed the progress made on the proposal on a maritime agreement between both the countries, it added.