HD Hyundai, a prominent South Korean shipbuilding conglomerate, has announced a collaboration with Indian government-backed organizations to set up a joint shipyard in India. The partnership involves a memorandum of understanding signed with NSHIP TN and Sagarmala Finance Corporation Ltd. in New Delhi. NSHIP TN, a special-purpose company formed by India’s port authorities, and SMFCL, supporting India’s Sagarmala port infrastructure development initiative, are the key entities involved.
HD Hyundai will play a pivotal role as the primary shareholder in establishing the joint venture shipbuilding company with the two Indian entities. The focus will be on creating a digital-centric shipyard in India, with HD Hyundai overseeing operations. This initiative was formalized during a bilateral summit between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi.
In addition to the joint shipyard, HD Hyundai plans to contribute to the development of local talent by establishing a shipbuilding training center and facilitating the entry of South Korean equipment suppliers into the Indian market. The collaboration also entails the Indian government placing initial shipbuilding orders with HD Hyundai’s South Korean shipyards before the joint shipyard becomes operational, along with providing hands-on experience to local workers.
An HD Hyundai official emphasized that this partnership signifies the progression of bilateral shipbuilding cooperation into the implementation phase. The collaboration is anticipated to generate new orders and offer Korean partners opportunities for international expansion. Separately, Hyundai Motor has entered into an agreement with TVS Motor Company Ltd. of India to jointly develop an electric three-wheeler for the Indian market.
