HD Hyundai advances plans for USD 4 bln shipyard project in Tamil Nadu

South Korea's HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has reiterated its intention to participate as a primary strategic investor in a proposed USD 4 bln greenfield shipyard at Thoothukudi, Tamil Nadu, as India and South Korea advance plans for the project.

Following a meeting between India's Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and HD Hyundai Chairman Chung Ki-sun in Seoul, the two sides agreed to establish a joint working group to oversee project development and work towards finalizing a joint venture structure. The detailed project report is expected to be completed within six months.

The proposed shipyard is envisaged to have an annual shipbuilding capacity of around 2.5 mln gross tons, subject to validation through the detailed project report. Once operational, it is expected to become India's largest commercial shipyard.

The project will be developed under India's Shipbuilding Development Scheme, with the collaboration focusing on technology transfer, advanced manufacturing and workforce training. The Tamil Nadu government-backed project will also involve infrastructure development and coordination for regulatory approvals.