Chennai: South Korea’s HD Hyundai Heavy Industries (HHI), one of the world’s largest shipbuilders, is planning to establish a shipyard in India. This move aligns with India’s ambitious goals to strengthen its maritime infrastructure and become a major player in global shipbuilding.
HHI has conducted site visits in Tamil Nadu, specifically in Thoothukudi and Cuddalore, and is in discussions with multiple states, including Andhra Pradesh and Maharashtra, which are aggressively competing to host the shipyard.
The decision follows a visit by an Indian delegation led by Ports and Shipping Ministry Secretary T K Ramachandran to major South Korean shipyards in December 2023, where they explored collaboration opportunities.
HHI is keen on expanding into India to cater to local demand and increase its market share. The company plans to collaborate with existing Indian shipyards, such as Larsen & Toubro’s Kattupalli shipyard, to leverage technology sharing and access to global equipment contracts.
India currently accounts for less than 1% of global shipbuilding but aims to rank among the top 10 by 2030 and top 5 by 2047. The Indian government has proposed establishing a new shipping enterprise to expand its fleet by at least 1,000 vessels over the next decade, aiming to reduce international freight costs by one-third by 2047.
HHI’s entry into India is expected to significantly enhance the local shipbuilding ecosystem through technology sharing, increased investment in advanced technologies, and bolstered confidence among ship owners in Indian builders.
