Cochin Shipyard inks pact with HD Hyundai to bolster India’s shipbuilding sector

Seoul (South Korea): Cochin Shipyard Limited (CSL), India’s largest public sector shipbuilder, has signed a memorandum of understanding (MoU) with South Korea’s HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a key division of HD Hyundai, to collaborate on expanding their presence in the global shipbuilding arena and enhancing India's shipbuilding ecosystem, The Korea Herald reported.

The agreement outlines a long-term strategic partnership between the two firms, covering areas such as ship design assistance, technical cooperation, equipment supply and workforce development, according to the report.

Headquartered in Kerala, CSL has delivered 70 vessels over the past five years and is recognised for its expertise in constructing and maintaining a broad range of ships — from commercial vessels to aircraft carriers.
 

The alliance is expected to elevate CSL’s global competitiveness and efficiency, while also opening up avenues for securing orders both within India and internationally, The Korea Herald noted.

“This bilateral partnership is a critical move to strengthen our influence in the fast-growing Indian market and to support domestic equipment suppliers in expanding overseas,” an HD KSOE official was quoted as saying.

This collaboration aligns with India’s forward-looking maritime strategies, such as the Maritime India Vision 2030 and Amrit Kaal Vision 2047. In a bid to spur growth in the sector, the Indian government earlier this year launched a Maritime Development Fund worth ₹25,000 crore (approximately USD 2.92 billion), aimed at improving port infrastructure, coastal shipping and shipbuilding.

Market intelligence firm Ken Research estimates that India’s shipbuilding sector has grown more than 12 fold since 2022 and is on track to grow at a staggering annual rate of over 60% through 2033.