South Korea’s HD Hyundai has signed a partnership with the Tamil Nadu state government regarding the establishment of a new $2bn shipyard in Madurai in southern India.
The Thoothukudi region of Tamil Nadu already hosts major Korean companies such as Hyundai Motor and Samsung Electronics, and large-scale investments are planned for nearby port facilities.
The Indian government is pursuing the Maritime Amrit Kaal Vision 2047 in an effort to become one of the world’s top five shipbuilding and shipping nations. To achieve this goal, the government is actively reviewing not only the expansion of existing shipyards but also the establishment of new facilities.
An HD Hyundai official said, “India is a market with strong growth potential, backed by the government’s robust commitment to fostering the shipbuilding industry.”
Earlier this month, HD Hyundai also signed a memorandum of understanding on the collaboration for maritime and port crane development in India with Bharat Earth Movers Limited (BEML), a state-owned enterprise under the Indian Ministry of Defence, in Bengaluru, southern India.
Earlier in July this year, HD Hyundai signed an MOU with Cochin Shipyard to promote cooperation in a wide range of areas, including design and procurement support, productivity enhancement, and human capital development.
