The Indian government and HD Hyundai are in talks to construct a $4 billion Greenfield shipyard in southern state of Tamil Nadu, a government statement said on Friday, October 30.
The project was discussed between India's minister for shipping, ports and waterways, Sabananda and HD Hyundai chairman Chung Ki-sun during former's visit to Seoul, the statement said.
A joint working group (JWG) will now oversee project development, the two sides will work towards agreeing a joint venture structure, and the detailed project report (DPR) is expected to be finalised within six months, it added.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai's shipbuilding arm, has expressed intent to participate as a primary strategic investor, and the project partners expressed their shared intent to take the shipyard forward, the statement said.
The proposed shipyard will be developed under the Indian government's “Shipbuilding Development Scheme” and envisaged to have an annual shipbuilding capacity of nearly 2.5 million Gross Tonnage (GT), subject to validation through the proposed DPR.
