SEOUL, December 08 (AJP) - HD Hyundai said Monday it plans to build a new shipyard in India’s southern state of Tamil Nadu, strengthening its presence in one of the world’s fastest-growing maritime markets as New Delhi seeks to become a major global shipbuilding power.
The South Korean shipbuilder said it signed an exclusive memorandum of understanding with the Tamil Nadu state government in Madurai.
India is promoting the “Maritime Amrit Kaal Vision 2047” strategy, aiming to rank among the world’s top five shipbuilding nations. The federal government is reviewing plans for new shipyards across five coastal states, including Tamil Nadu, which has selected HD Hyundai as its partner for the project.
Thoothukudi, a major port area in southern Tamil Nadu, is under review as a potential site. The region has a climate similar to Ulsan, South Korea, and is seeing increased port and industrial investment. Global manufacturers including Hyundai Motor and Samsung Electronics already operate in the area.
HD Hyundai is also expanding cooperation with India’s state-owned industries. The company recently signed an agreement with BEML, a state-owned heavy equipment maker headquartered in Bengaluru, to jointly expand its crane business.
Under the deal, the two sides will cooperate on crane design, manufacturing and quality control to strengthen India’s domestic production of port and shipbuilding equipment. HD Hyundai plans to supply large Goliath and jib cranes to Indian shipyards.
The company has already begun supplying large-scale equipment. In February, HD Hyundai Samho delivered a 600-ton crane to Cochin Shipyard. In August, HD Korea Shipbuilding & Offshore Engineering acquired HD Hyundai Ecobina from Doosan Enerbility, expanding its crane portfolio.
“India’s strong commitment to developing its shipbuilding sector presents significant growth opportunities,” HD Hyundai said in a press release. “We aim to deepen cooperation in the maritime sector as a new growth driver.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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