CHENNAI: India and South Korea’s HD Hyundai aim to finalise the joint venture structure and detailed project report for the proposed $4 billion shipyard in Thoothukudi within six months, Union Shipping Minister Sarbananda Sonowal said on Wednesday.
Sonowal, who met HD Hyundai chairman Chung Ki-sun in Seoul, said a joint working group comprising officials from both sides would steer the project’s implementation, with HD Hyundai reiterating its commitment to participate as the primary strategic investor.
The proposed greenfield shipyard is expected to combine South Korea’s shipbuilding technology with India’s domestic demand for vessels, Sonowal said in a social media post.
The project is aimed at building a globally competitive shipbuilding ecosystem in India and strengthening the country’s role in the global maritime industry.
In a separate meeting, Sonowal held talks with South Korea’s Minister of Trade, Industry and Resources, Park Jung-sung, on expanding bilateral cooperation in shipbuilding, maritime manufacturing, and port equipment. The visit of the Union Shipping Minister comes in the wake of the senior HD KSOE team led by Sunjoon Hong, visiting Tamil Nadu in September for ten days.