HD Hyundai, Samsung Heavy Industries … K-Shipbuilding Strikes Gold in India
South Korean shipbuilders are making significant moves to expand their overseas production bases into India, following similar ventures in Vietnam and the Philippines. HD Hyundai is actively pursuing the construction of a new shipyard in India, while Samsung Heavy Industries is looking to establish a production foothold through collaboration with a local shipyard.
HD Hyundai’s Expansion Plans in India
According to the shipbuilding industry sources, HD Korea Shipbuilding & Offshore Engineering has dispatched a working-level team to Tamil Nadu State in southern India to inspect a potential site for a new shipyard in Thoothukudi. Discussions with local government and port officials revolved around project timelines, incentives, and detailed business plans. The proposed shipyard is anticipated to have an annual construction capacity of 2.5 million gross tons (GT) and is projected to generate approximately 15,000 direct jobs upon reaching full operational capacity.
The Tamil Nadu State government is actively supporting this initiative. Last June, Keerthana Sampath, the state industries minister, visited HD Hyundai Heavy Industries’ Ulsan Shipyard in her first overseas trip after assuming office to explore potential cooperation opportunities.
Samsung Heavy Industries’ Strategic Partnership
On the other hand, Samsung Heavy Industries is strategically targeting the Indian market through collaboration with a local shipyard, Swan Shipyard, which boasts India’s largest dry dock. By leveraging this partnership, Samsung Heavy Industries aims to secure a production foothold in India. The country has unveiled a comprehensive maritime strategy to position itself as one of the world’s top five shipbuilding powerhouses by 2047, accompanied by a substantial shipbuilding industry support package worth approximately 700 billion rupees (around 10 trillion won) approved last year.
Both HD Hyundai and Samsung Heavy Industries are actively engaging with Indian authorities and industry stakeholders to capitalize on the promising opportunities presented by India’s growing maritime sector.
These developments underscore the increasing global footprint of South Korean shipbuilders and their commitment to expanding technological cooperation and production bases in key markets like India.
