HD Hyundai expands India push with shipyard joint venture
NEW DELHI : HD Hyundai said Tuesday it has signed a memorandum of understanding in New Delhi with NSHIP TN and Sagarmala Finance Corp. to cooperate on building core infrastructure and establishing a joint venture for a new shipyard project in India.
NSHIP TN, a special-purpose vehicle led by the V.O. Chidambaranar Port Authority under the Indian central government, will be responsible for implementing support policies and incentives tied to the project.
The agreement follows HD Hyundai’s earlier memorandum with the state of Tamil Nadu in December to develop a new shipyard. In January, Executive Chairman Chung Ki-sun also discussed potential cooperation with Indian Prime Minister Shri Narendra Modi during the Global Energy Leaders Roundtable, laying the groundwork for deeper collaboration.
Under the latest deal, HD Hyundai will establish a joint-venture shipbuilding company with its partners through a dedicated shipbuilding investment fund, taking on the role of the largest shareholder and overseeing overall operations.
To support the project’s early phase, the Indian government plans to place initial shipbuilding orders with HD Hyundai’s domestic yards before the launch of the new venture. It will also send local workers to Korea for training. Once they acquire the necessary shipbuilding expertise, they are expected to help set up and operate the new yard, helping ensure a smooth rollout.
HD Hyundai also plans to develop a digital shipyard in India by leveraging industry-academia cooperation and deploying automation and AI-based technologies to strengthen competitiveness across design, production and operations.
In parallel, the company will establish a training center to nurture local talent and support the entry of Korean suppliers into the Indian market, to build a stable and localized supply chain.
“The agreement marks a shift in bilateral shipbuilding cooperation into the implementation stage,” a company official said. “Entry into the Indian market will help secure new orders, develop new business models and expand overseas opportunities for domestic suppliers.”
Source : The Korea Herald
