India and HD Hyundai move on $4B Thoothukudi shipyard project
Business
India and South Korea's HD Hyundai are moving on a $4 billion shipyard project in Thoothukudi, Tamil Nadu.
The plan was discussed after a high-level meeting in Seoul, with both sides forming a joint group to handle the details.
This shipyard is set to give India's shipbuilding game a serious boost.
MOU-backed yard envisaged nearly 2.5 million GT
Backed by an MOU signed earlier this year, the new yard is expected to be India's largest commercial shipyard, envisaged to have an annual shipbuilding capacity of nearly 2.5 million Gross Tonnage (GT), subject to validation through Detailed Project Report (DPR).
The goal is to make India more competitive in global shipping by focusing on technology transfer and workforce skilling, with the detailed plan expected within six months.