India's $24B Shipbuilding Push: HD Hyundai Partnership Reveals Ambitious Plan

HD Hyundai Chairman Chung Ki-sun met with Puri in Seoul to explore partnerships aimed at enhancing India's shipbuilding capabilities and advancing related technologies, the company said in a statement.

The Indian delegation led by the minister visited South Korea as part of the Maritime 'Amrit Kaal Vision 2047' project, one of the Indian government's key initiatives aimed at positioning the country among the world's top five shipbuilding nations. The plan envisions increasing the number of commercial vessels to 2,500 from the current 1,500, it said.

To that end, the Indian government plans to invest $24 billion in the initiative. In October, it announced an initial funding of $8 billion to support new vessel construction, reports Yonhap news agency.

"HD Hyundai will be the best partner to help advance India's shipbuilding industry based on mutual trust," Chung said in the release.

Minister Puri expressed hope that regular exchanges between the Indian government and HD Hyundai would further strengthen cooperation in the shipbuilding and maritime sectors.

In July, HD Hyundai signed a partnership agreement with India's state-owned Cochin Shipyard Ltd. to promote bilateral cooperation in shipbuilding. It marked the first time a South Korean shipbuilder has forged a partnership with an Indian company.

Last month, Prime Minister Narendra Modi said that the maritime sector is driving India's growth, asserting that over the last decade, it has transformed significantly, boosting trade and port infrastructure. He appealed to the investors to invest in India's maritime sector, saying that this is the right and opportune time for the same.

"This is the right time to work and expand in India's shipping sector. The inauguration of several projects related to the Shipping sector has taken place here. MoUs worth crores of rupees related to the Shipping sector have also been issued," said PM Modi while addressing the Global Maritime CEO Forum, the flagship event of India Maritime Week (IMW) 2025.

He further said that in this era of the 21st century, India's maritime sector is moving forward with great speed and energy. The Prime Minister added that India's first deep-water international transhipment hub, Vizhinjam Port, became operational this year. Kandla Port has made history by launching the nation's first megawatt-scale indigenous green hydrogen facility.

Under the 'Maritime India Vision', over 150 initiatives have been launched, resulting in significant improvements across the maritime sector.

- IANS