Cochin Shipyards and HD Hyundai partners to expand the footprint of India’s booming shipbuilding market
India’s largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), and HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding division of South Korea’s HD Hyundai, have signed a memoryandum of understanding (MoU) to jointly expand their global footprint and boost India’s shipbuilding capacity, The Korea Herald reported.
According to a report by the Korea Herald, the strategic memorandum of understanding outlines the long-term cooperation between the two companies in multiple areas, including ship design support, equipment supply, technical collaboration and workforce training.
Cochin Shipyard operated with a majority government stake and is located in Kerala, and has shipped 70 ships in the past five years. It is known for building and maintaining a wide range of vessels from merchant ships to aircraft carriers, the report added.
The Korea Herald reported that the partnership is expected to improve CSL’s global competitiveness and productivity, while also creating a common opportunity to secure ship orders in India and abroad.
“This bilateral partnership is a key move to strengthen our impact in the rapidly growing Indian market and support domestic equipment suppliers to expand overseas,” a high-definition official told the Korea Herald.
The collaboration is in line with India’s ambitious maritime policy, including the Maritime India Vision 2030 and the Amrit Kaal Vision 2047.
India’s shipbuilding market has expanded more than 12 times since 2022, and is expected to grow more than 60% in annual growth over 2033, according to market research firm Ken Research.
