1000 Ships Strong: Hyundai's India Shipyard Fuels Ambitious Plan

South Korean shipbuilding giant HD Hyundai Heavy Industries (HHI) is considering the establishment of a shipyard in India to meet growing local demand.

Recently, a delegation from HHI visited Thoothukudi and Cuddalore in Tamil Nadu to explore potential locations and held discussions with L&T, which operates a major shipyard in Kattupalli, specializing in shipbuilding, retrofitting, and conversions. A key advantage of this collaboration is the exchange of technologies, which will also provide the Indian shipbuilding industry with access to various contracts HHI holds with numerous equipment makers.

In December 2023, a delegation from India, led by T.K. Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways, visited South Korea’s leading shipyards to foster stronger ties.

The Indian government is actively working to bolster the country's position in the global shipbuilding sector. As part of this strategy, India plans to create a new shipping company, aiming to expand its fleet by 1,000 ships over the next decade. This effort is designed to reduce foreign freight costs by one-third by 2047 and enhance trade revenues through joint ventures with both state-owned enterprises and international companies.

News by Rahul Yelligetti.