Overview
- The agreement, signed at a ceremony in Madurai, outlines cooperation to explore establishing a shipyard and does not constitute a final investment decision.
- Thoothukudi in southern Tamil Nadu was identified by HD Hyundai as the leading candidate site due to Ulsan-like climate conditions and planned port upgrades.
- Tamil Nadu selected HD Hyundai as its partner for the project and intends to offer incentives and subsidies, according to the company.
- India's central government has shortlisted five states for new shipyard development as part of its 2047 maritime strategy, with Tamil Nadu among the candidates.
- HD Hyundai also signed a separate MOU with state-owned BEML to localize port-crane design and manufacturing in India, building on a 600-ton crane delivery to Cochin Shipyard and an expanded partnership that now includes naval projects.