Overview

• The MOU, signed on July 4, commits the companies to long-term cooperation in design support, technical productivity enhancements, workforce training and joint pursuit of shipbuilding contracts.
• It marks the first partnership of its kind between a Korean shipbuilder and India’s state-owned Cochin Shipyard, representing HD Hyundai’s full-scale entry into the Indian market.
• Cochin Shipyard has delivered 70 vessels over the past five years, spanning 60 small commercial ships and 10 naval vessels, and holds a 67.91% stake by the Indian government.
• India’s Ministry of Ports, Shipping & Waterways launched a INR 250 billion Maritime Development Fund to support its aim of ranking among the top 10 shipbuilding nations by 2030 and top five by 2047.
• The agreement follows HD Hyundai’s MOUs with Huntington Ingalls Industries in April and Edison Chouest Offshore in June as part of its strategy to expand its global shipbuilding network.