India and South Korea’s HD Hyundai are discussing a $4 billion shipyard in the southern Indian state of Tamil Nadu, the Indian government said on October 30.
The project was discussed in Seoul by India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, and HD Hyundai Chairman Chung Ki-sun. A joint working group will oversee preparations. The two sides also plan to agree on a joint-venture structure, with a detailed project report expected within six months.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai’s shipbuilding arm, has expressed interest in becoming a key strategic investor. The shipyard is planned under India’s Shipbuilding Development Scheme. Its proposed annual capacity is nearly 2.5 million gross tonnes (GT), subject to confirmation in the project report.
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