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HD Hyundai Partners With Indian Govt For Digital Shipyard & EV Three-Wheeler

HD Hyundai has signed an MoU with Indian government-backed entities NSHIP TN and Sagarmala Finance Corporation to establish a joint venture digital shipyard in India. The agreement was formalized during a bilateral summit between the leaders of South Korea and India. In a separate but related move, Hyundai Motor has partnered with India's TVS Motor Company to jointly develop an electric three-wheeler for the local market. These partnerships aim to transfer technology, develop local talent, and expand the companies' presence in India's growing industrial and EV sectors.

Key Points: HD Hyundai, India Partner on Shipyard & Electric Vehicle

  • Joint digital shipyard in India
  • Partnership with govt entities NSHIP TN & SMFCL
  • Signed during India-S.Korea summit
  • Hyundai & TVS to co-develop EV three-wheeler
  • Aims to foster local talent and supply chains
2 min read

HD Hyundai partners Indian govt entities for joint shipyard project

HD Hyundai signs MoU with Indian govt entities for a joint digital shipyard and partners with TVS Motor for an electric three-wheeler project.

"The latest deal marks the transition of bilateral shipbuilding cooperation into the business execution phase. - HD Hyundai official"

New Delhi/Seoul, April 21 HD Hyundai, South Korea's leading shipbuilding conglomerate, said on Tuesday it has forged a partnership with Indian government-backed entities to establish a joint shipyard in India.

HD Hyundai said it signed a memorandum of understanding (MOU) with NSHIP TN and Sagarmala Finance Corporation Ltd. (SMFCL) of India in New Delhi on Monday (local time) to cooperate in building a joint venture shipbuilding company, reports Yonhap News Agency.

NSHIP TN (National Shipbuilding & Heavy Industries Park) Tamil Nadu is a special-purpose company established by India's port authorities, while SMFCL supports the country's Sagarmala port infrastructure development initiative.

Under the MoU, HD Hyundai will establish the joint venture shipbuilding company with the two entities and take a leading role as the largest shareholder, overseeing overall operations and ultimately building a digital-focused shipyard in India.

The partnership was signed on the occasion of a bilateral summit held between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi.

HD Hyundai also aims to foster local talent by establishing a shipbuilding training centre and supporting the entry of South Korean equipment suppliers into the Indian market.

According to HD Hyundai, the Indian government plans to place initial shipbuilding orders with HD Hyundai's South Korean shipyards ahead of the joint shipyard's operation and dispatch local workers to gain hands-on experience.

"The latest deal marks the transition of bilateral shipbuilding cooperation into the business execution phase," said an HD Hyundai official, who added that the partnership is expected to help secure new orders and create opportunities for Korean partners to expand overseas.

Meanwhile, Hyundai Motor said on Tuesday it has signed an agreement with TVS Motor Company Ltd. of India to collaborate in developing an electric three-wheeler for the Indian market.

Under the joint development agreement signed in New Delhi on Monday (local time), Hyundai Motor will lead the design and joint development of the electric three-wheeler, leveraging its research and development (R&D) capabilities and human-centric design approach.

TVS Motor will co-develop the product using its electric vehicle (EV) platform and expertise in three-wheeler engineering, as well as its knowledge of the local market.

- IANS

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Reader Comments

P
Priya S
Good step, but I hope the JV ensures technology transfer is real and not just in name. We've seen partnerships before where we remained the junior partner. Fingers crossed for Tamil Nadu's youth getting skilled jobs!
R
Rohit P
Shipbuilding AND electric three-wheelers? Hyundai group is making serious bets on India. This summit seems very productive. Hope the EV collaboration gives us a affordable, reliable auto-rickshaw option soon.
S
Sarah B
As someone working in manufacturing, the dispatch of workers to Korea for hands-on experience is the most valuable part. Learning from the best shipbuilders will upskill our workforce immensely. A long-term vision.
V
Vikram M
Strategic partnership. Strengthens ties with South Korea, creates jobs, boosts our blue economy under Sagarmala. Win-win. The focus should now be on execution without delays.
K
Karthik V
Respectfully, while the intent is good, I'm concerned about environmental clearances and land acquisition for the shipyard in Tamil Nadu. Hope the project follows all regulations and benefits the local community, not just the corporations.

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