Korea’s leading shipbuilders are ramping up their presence in India, driven by the nation’s goal to become a maritime powerhouse. Samsung Heavy Industries has partnered with Swan Defence, while HD Korea Shipbuilding collaborates with Cochin Shipyard to enhance ship design and production. India aims to ascend the global shipbuilding ranks by 2047.
The Indian government has launched a ₹70,000 crore initiative to revitalize its shipping sector, as announced by Shipping Minister Sarbananda Sonowal. Drawing inspiration from Korea and Japan, the plan aims to enhance domestic shipbuilding and create a robust maritime hub, fostering innovation and infrastructure to ensure sustainable growth and job creation.
In a strategic move to elevate India’s shipbuilding status, Andhra Pradesh and the Visakhapatnam Port Authority have signed an MoU to establish a National Mega Shipbuilding Cluster in Dugarajapatnam. This initiative aims to enhance shipbuilding capacity, attract investments, and generate jobs, marking a significant milestone in India’s maritime development.
Cochin Shipyard Limited (CSL) has signed a pivotal Memorandum of Understanding with HD Korea Shipbuilding and Offshore Engineering, announced at the ‘Samudra se Samriddhi’ event in Gujarat. This collaboration aims to enhance India’s shipbuilding capabilities, generate 2,000 jobs, and align with the Maritime India Vision 2030 initiative.
Swan Defence and Heavy Industries Limited (SDHI) has signed a pivotal ₹4,250 crore MoU with the Gujarat Maritime Board to modernize shipyard infrastructure and enhance supply chains. The investment will boost Pipavav Port’s capacity and establish a Centre of Excellence, training over 1,000 youth annually to support India’s maritime growth.
Garden Reach Shipbuilders & Engineers Ltd (GRSE) forecasts significant growth in shipbuilding, fueled by strong defense procurement and government backing. The company recently delivered its 110th ship and secured the L1 bid for the ₹25,000-crore Corvette program, enhancing its order backlog and expanding ship repair operations and non-defense divisions.
The central government plans to unveil a ₹70,000-crore package to boost shipbuilding, repair, and port infrastructure by mid-September. This includes ₹20,000 crore for a shipping cluster program and a similar amount for the revamped Shipbuilding Financial Assistance Programme, aiming to attract investments and enhance maritime capabilities across several states.
HD Hyundai is expanding its shipbuilding business to enhance competitiveness against Chinese firms by acquiring Doosan Vina for $207 million. This acquisition strengthens its capabilities in producing essential components for LNG plants and eco-friendly shipping. The company is also increasing its shipbuilding capacity in Vietnam, aiming for higher annual vessel production.
The Indian government plans to boost the Maritime Development Fund to 70,000 billion rupees, enhancing long-term financing for the maritime sector. By 2047, the sector’s value is expected to reach $940 billion, driven by advancements in shipping and shipbuilding. New incentives and subsidies aim to position India among the top shipbuilding nations.
Fincantieri has successfully completed sea trials for Princess Cruises’ second Sphere-Class ship, the Star Princess. Conducted from August 9 to 12, the trials tested navigation and propulsion systems in the Adriatic Sea. Scheduled for delivery, the ship’s inaugural cruise departs Barcelona on October 4, accommodating 4,300 passengers and 1,600 crew.
During his visit to Fiji National University’s Pacific Centre for Maritime Studies, IMO Secretary General Arsenio Dominguez urged the advancement of sustainable marine transportation. He proposed a market analysis of the shipping industry’s needs and offered consultancy services. This initiative aims to enhance local expertise and revive shipbuilding courses, honoring Pacific island heritage.
The Indian Register of Shipping commended the Indian Coast Guard and Goa Shipyard Limited for launching the Pollution Control Vessel ICGS Samudra Prachet and the Fast Patrol Vessel ICGS Atal. These vessels enhance India’s maritime security and showcase the nation’s commitment to environmental protection and self-reliance in shipbuilding.
The Indian shipbuilding industry is undergoing a transformation, driven by the government’s initiatives under Prime Minister Modi. The Union Budget 2025 introduces reforms to enhance shipyard competitiveness, including a revamped financial assistance policy and a Rs 25,000 crore Maritime Development Fund to modernize capabilities and attract investments.
Chowgule Shipyard, founded in 1916, evolved from a trading company into a leading shipbuilder. Since entering the export market in 2002, it has delivered 42 vessels and holds orders worth $861.90 million. Despite facing challenges, it invests in training and partnerships to enhance its capabilities, fostering optimism for future growth.
India’s maritime ambitions are evolving rapidly, bolstered by a focus on self-reliance. Hindalco Industries Ltd. supplies high-performance aluminium for shipbuilding, collaborating with the Navy to create tailored products. Aluminium’s advantages, including lighter weight and corrosion resistance, position Hindalco to meet growing demands and enhance India’s naval capabilities.
