HD Hyundai is teaming up with India’s largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), to bolster their positions in India and global markets.
On Sunday, HD Korea Shipbuilding & Offshore Engineering, the shipbuilding arm of HD Hyundai, announced it had signed a comprehensive Memorandum of Understanding (MOU) with CSL. The agreement aims to establish long-term cooperation focused on enhancing design capabilities, boosting productivity, and pursuing new shipbuilding orders together.
CSL, based in Kochi, Kerala, is India’s largest shipyard, 67.9% owned by the Indian government. The company has a proven track record, delivering 70 vessels over the past five years, including commercial and naval ships.
The partnership aligns with India’s ambitious maritime goals, including the ‘Maritime India Vision 2030’ and the ‘Maritime Amrit Kaal Vision 2047.’ Supported by a Maritime Development Fund of INR 250 billion (KRW 4 trillion), India aims to become a top global shipbuilding hub by 2047.
India’s shipbuilding industry is rapidly expanding, with the market value soaring from USD 90 million in 2022 to over USD 1.12 billion in 2024 — a more than twelvefold jump. The sector is projected to grow at an average annual rate of over 60% until 2033.
An HD Hyundai official emphasized that this collaboration would help both companies scale new heights and accelerate India’s maritime ambitions. “By leveraging our expertise, we will support CSL’s global competitiveness and pursue shared growth opportunities,” the official said.
This move is part of HD Hyundai’s broader global strategy, which includes partnerships in the U.S. and Peru to strengthen its foothold in the global shipbuilding and defense markets.
