HD Hyundai signs MOU with Indian state gov. to build new shipyard

South Korea’s HD Hyundai is set to establish a new shipyard in India after signing an exclusive business agreement with the Tamil Nadu state government.

The Indian government earlier shortlisted five states, including Tamil Nadu, Gujarat, and Andhra Pradesh as candidate sites for the construction of the new shipyard, a company spokesperson said.

The Tamil Nadu state government, which has made the establishment of a shipyard its top priority and has expanded efforts to provide incentives and subsidies, enhance infrastructure, and secure skilled talent, has ultimately selected HD Hyundai as its project partner for the establishment of the new shipyard, the company said in a press release.

HD Hyundai said that the Thoothukudi region of Tamil Nadu, cited as one of the candidate sites for the new shipyard, is regarded as an optimal location, with temperature and rainfall conditions similar to those of Ulsan, Korea, where HD Hyundai Heavy Industries is located.

The Tamil Nadu state also hosts major Korean companies, and large-scale investments are planned for nearby port facilities, further raising expectations for future