HD Hyundai Heavy Industries has entered a major strategic partnership with the Tamil Nadu state government to establish a new $2 billion shipyard in southern India, in the Thoothukudi region near Madurai. The agreement was formalized in a ceremony in Madurai.
The project supports the Indian government’s Maritime Amrit Kaal Vision 2047, aimed at making India one of the world’s top five shipbuilding nations. To achieve this, the government is reviewing the expansion of existing shipyards and the establishment of new facilities across India.
Tamil Nadu has taken a leading role, offering incentives, subsidies, improved infrastructure, and workforce development programs to support the project. HD Hyundai was selected as the strategic partner for the shipyard development.
The region already hosts major Korean companies, including Hyundai Motor and Samsung Electronics, with further large-scale port infrastructure investments planned. The new shipyard is expected to generate significant economic benefits for both the state and HD Hyundai.
In addition, HD Hyundai signed a memorandum of understanding with Bharat Earth Movers Limited (BEML), a state-owned enterprise under India’s Ministry of Defence, to collaborate on maritime and port crane development, supplying Goliath and jib cranes to local shipyards. Earlier in July, the company also signed an MOU with Cochin Shipyard to support design, procurement, productivity, and workforce development.
