During a maritime event hosted by Indian Prime Minister Narendra Modi, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, reaffirmed its strong partnership with Cochin Shipyard, India’s largest shipyard. HDKSE aims to actively participate in Modi’s strategy for India’s indigenous shipbuilding and affirms its position as a core partner.
On September 20 local time, HD KSOE signed a long-term shipbuilding cooperation memorandum of understanding with Cochin Shipyard during the “Samudra se Samriddhi – Transforming India’s Maritime Sector” event held in Bhavnagar, Gujarat, India.
Although both sides have signed a memorandum of understanding this July, the formal signing ceremony held at this event led by Modi carries greater symbolic significance. South Korean media reports that this move is interpreted as both parties advancing comprehensive cooperation in areas such as technology and talent, while supporting Modi’s proposed roadmap for shipbuilding industry development.
At the event, Modi emphasized India’s former status as a maritime power and expressed determination to revitalize its shipbuilding industry. He noted: “Fifty years ago, India still relied on vessels built in domestic shipyards, with over 40% of its import-export trade dependent on its own fleet. Later, the shipping sector became a casualty of policy missteps, and the collapse of the shipbuilding ecosystem led to increased reliance on foreign vessels. The share of Indian-flagged vessels in trade has plummeted from 40% to 5%, inflicting immense losses on the nation. To become a developed nation by 2047, we must achieve self-reliance—there is no alternative.”
During the event, Modi also announced a multi-year investment of 700 billion rupees (approximately $7.889 billion), earmarked for financial support to the shipbuilding industry, introduction of cutting-edge technologies, and enhancements in design and quality. In 2021, the Indian government released the “India’s Maritime Industry Vision 2030”, followed by the “Golden Age of Maritime Industry Vision 2047” in 2023, establishing long-term development roadmaps.
Against the backdrop of the Indian government spearheading its maritime power strategy, Cochin Shipyard—the nation’s largest shipbuilder—is actively contributing to this initiative. On the event day, Cochin Shipyard signed a shipyard investment agreement with the Tamil Nadu state government and announced a 37 billion rupee (approximately $417 million) investment plan. The project will utilize Cochin Shipyard’s existing approximately 80-acre (about 320,000 square meters) land to construct a hull section factory.
Prior to signing this agreement with HD KSOE, India had repeatedly invited South Korean shipbuilders to collaborate. For instance, Indian executives visited HD Hyundai Heavy Industries’ Ulsan shipyard last year and expressed investment intentions. In May this year, the Andhra Pradesh Marine Board submitted a local equipment investment proposal to HD Hyundai Heavy Industries and Hanwha Ocean.