South Korean Shipbuilding Giant Scouting for Locations in Tamil Nadu, Maharashtra, and Andhra Pradesh
Chennai: South Korea’s Hyundai Heavy Industries (HHI), one of the world’s largest shipbuilders, is exploring opportunities to establish a shipyard in India, marking a significant boost to the country’s shipbuilding ambitions.
The company has sent delegations to Tamil Nadu, Maharashtra, and Andhra Pradesh to assess potential sites for its expansion. In Tamil Nadu, HHI has been in talks with L&T, which has an existing shipyard in Kattupalli, making it a strong candidate for partnership.
“India holds immense potential in shipbuilding, and we see an opportunity to collaborate and bring our expertise to the region,” said an official from Hyundai Heavy Industries. The company, which currently holds a 10% market share in the global shipbuilding industry, aims to leverage India’s growing maritime trade and government initiatives to promote ship manufacturing.
India’s shipbuilding sector is currently underdeveloped, holding less than 1% of the global market. However, the government has set ambitious targets to break into the top 10 by 2030 and the top 5 by 2047. Industry experts believe Hyundai’s entry could accelerate this growth, bringing advanced technology, infrastructure investment, and employment opportunities.
With India’s focus on increasing its shipping fleet and reducing dependency on foreign-built vessels, Hyundai’s expansion could play a crucial role in shaping the country’s maritime future. Talks are expected to progress in the coming months, with a formal announcement anticipated later this year.