Hyundai Heavy may win a deal valued at some 350 billion won (US$298 million) to build a fleet support ship. (image: SarahTz/flickr)
SEOUL, Sept. 2 (Korea Bizwire) — Hyundai Heavy Industries(HHI), South Korea’s leading shipbuilder, may participate in a project to build fleet support ships for India’s Navy, further expanding its presence in Asia’s third-largest economy, industry sources said Wednesday.
According to the sources, India’s Ministry of Defense is anticipated to place an order for five fleet support ships this year at the earliest, and India’s largest state-run Hindustan Shipyard Ltd. may construct four of them at its docks under support from Hyundai Heavy.
Hyundai Heavy may win a deal valued at some 350 billion won (US$298 million) to build a fleet support ship, the sources said.
The business ties between Hyundai Heavy and Hindustan Shipyard started early this year as the two firms signed a memorandum of understanding in January to construct submarines for India’s Navy.
Separately, Hyundai Heavy is expected to clinch another deal from India to build liquefied natural gas carriers.
GAIL Ltd., India’s largest state-owned gas firm, is scheduled to place an order for 11 LNG carriers this year to transport LNG from the United States to India.
In May, Indian Prime Minister Narendra Modi visited Hyundai Heavy’s shipyard in Ulsan, some 400 kilometers southeast of Seoul, to discuss cooperation between Indian shipyards and Hyundai Heavy, hoping that Indian shipbuilders can learn Hyundai Heavy’s high-end shipbuilding technology and expertise.
Hyundai Heavy is also seeking to sign a deal with an Indian firm for technological support for the construction of LNG carriers.
(Yonhap)
