India’s largest state-owned shipyard, Cochin Shipyard Limited (CSL) (Image provided by HD Hyundai)
SEOUL, July 6 (Korea Bizwire) — HD Hyundai, South Korea’s leading shipbuilding conglomerate, has signed a landmark memorandum of understanding (MOU) with India’s largest state-owned shipyard, Cochin Shipyard Limited (CSL), in a move to strengthen its position in India and the global shipbuilding market.
The agreement, announced Saturday by HD Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company for HD Hyundai’s shipbuilding division, marks the first official collaboration between South Korea’s shipbuilding industry and an Indian counterpart.
Cochin Shipyard, located in Kerala and 67.91% owned by the Indian government, is a full-service builder with capabilities ranging from commercial vessels to naval ships, including aircraft carriers. Over the past five years, the yard has delivered 70 ships, including 60 small commercial vessels and 10 defense ships.
Under the agreement, HD Hyundai will support CSL in ship design, procurement, and productivity enhancement, while sharing its advanced technological expertise to help CSL meet global quality standards. The partnership will also include human resource training and development initiatives, and the two companies plan to jointly pursue orders in India and other international markets.
HD Hyundai Heavy Industries (Image courtesy of HD Hyundai Heavy Industries)
HD Hyundai views the deal as a gateway to expanding influence in the Indian market—now the world’s most populous country—and a strategic step in elevating its global shipbuilding competitiveness.
The partnership also aligns with India’s long-term maritime ambitions outlined in two national blueprints: Maritime India Vision 2030 and Amrit Kaal Vision 2047, which aim to elevate India into the world’s top 10 shipbuilding nations by 2030 and top 5 by 2047.
India is backing this push with aggressive policy support, including the establishment of a ₹250 billion (approx. $3 billion) maritime development fund to boost shipbuilding and infrastructure.
The country’s shipbuilding and repair market has already seen explosive growth—from $90 million in 2022 to $1.12 billion in 2024—according to Ken Research. The market is expected to expand at an average annual rate exceeding 60% through 2033.
Industry experts believe the MOU could serve as a catalyst for broader cooperation between the two countries’ shipbuilding sectors. In late 2024, Indian officials, including Cochin Shipyard CEO Madhu Nair, visited South Korea’s “Big Three” yards—HD Hyundai, Hanwha Ocean, and Samsung Heavy Industries—to explore future collaboration.
“This partnership serves as a springboard for both HD Hyundai and Cochin Shipyard, while helping accelerate India’s national maritime ambitions,” an HD Hyundai official said. “We aim to enhance CSL’s global competitiveness through our technical expertise and foster mutual growth with Korean marine equipment suppliers.”
Ashley Song (ashley@koreabizwire.com)
