HD KSOE and India’s Cochin Shipyard partner on maritime technology and growth
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for the shipbuilding business of HD Hyundai, announced on July 6 that it has signed a comprehensive memorandum of understanding (MOU) with India’s largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), to pursue long-term cooperation in the shipbuilding sector. The agreement marks the first instance of a South Korean shipbuilder partnering with an Indian counterpart.
Cochin Shipyard, in which the Indian government holds a 67.91 percent stake, is a public shipyard headquartered in the southern state of Kerala. The company engages in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, it has delivered 70 ships, including 60 small merchant vessels and 10 warships.
A view of Cochin Shipyard in India. /Courtesy of HD Hyundai
Under the agreement, HD Hyundai aims to create avenues for mutual growth in India’s emerging shipbuilding sector. HD KSOE will support CSL with design and procurement processes, while also working to enhance productivity and help achieve globally competitive quality standards. The two companies will also collaborate on strategic initiatives such as workforce development and the advancement of training systems. In addition, the partnership will extend to seeking new shipbuilding orders in both the Indian and international markets.
The collaboration aligns with India’s national maritime development strategies, including “Maritime India Vision 2030” and “Amrit Kaal Vision 2047,” announced in 2021 and 2023, respectively. These roadmaps outline the Indian government’s goals to elevate the country’s shipbuilding industry into the global top ten by 2030 and into the top five by 2047.
To support these ambitions, the Indian government has launched a maritime development fund totaling 250 billion rupees (approximately 4 trillion won, $2.9 billion) this year and is expanding policy support to strengthen its domestic shipbuilding capabilities and maritime infrastructure.
Driven by these government-led efforts, India’s shipbuilding industry is undergoing rapid expansion. According to global market research firm Ken Research, India’s shipbuilding and repair market, which was valued at around $90 million in 2022, grew more than twelvefold to $1.12 billion in 2024. The sector is projected to maintain an average annual growth rate of more than 60 percent through 2033.
“This partnership represents a pivotal moment for both HD Hyundai and Cochin Shipyard,” the company said. “It provides a launchpad for the next stage of growth while accelerating the realization of India’s maritime vision.” HD Hyundai added that it plans to leverage its accumulated technological expertise and operational experience to help CSL enhance its global competitiveness, while also promoting shared growth with South Korean equipment suppliers.