HD Hyundai, a prominent South Korean shipbuilding conglomerate, announced on December 8 that it has reached a preliminary agreement with the Tamil Nadu government to establish a new shipyard. The Indian central government previously identified five potential states for this project, with Tamil Nadu ultimately chosen as the most suitable location, according to a company spokesperson.
The Tamil Nadu government is prioritizing the establishment of a shipyard to boost the local economy and has selected HD Hyundai as its partner, planning to provide various incentives and subsidies for the initiative. The Thoothukudi region was selected due to its favorable climate conditions, which resemble those of Ulsan, South Korea, where HD Hyundai operates its existing shipyards.
India’s government is actively promoting the “Maritime Amrit Kaal Vision 2047,” aiming to rank among the top five shipbuilding nations globally by that year. Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, highlighted the importance of South Korea as a strategic partner in expanding India’s shipbuilding capacity and enhancing maritime security. He emphasized that South Korea’s advanced shipbuilding technology could significantly aid India’s ambitions, which include growing its commercial fleet and investing $24 billion in the sector.
