Cochin Shipyard Ltd (CSL) has signed an agreement with HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for long-term collaboration in shipbuilding, the company said in a filing on 23 September. The state-run shipbuilder is also considering a Rs 150 billion greenfield shipyard in Tamil Nadu that could generate about 10,000 jobs.

As part of its growth strategy, CSL said the project may include a modern ship repair facility and will create 4,000 direct and 6,000 indirect opportunities in its initial phase. CSL has also signed a memorandum of understanding with the Tamil Nadu government to develop shipbuilding clusters. The tie-up will combine CSL’s infrastructure and expertise with HD KSOE’s technology and global know-how to strengthen India’s shipbuilding capabilities.

In addition, CSL will take up joint shipbuilding projects at its existing facilities and explore opportunities in greenfield shipyards and skill development. To support the Korean partnership, CSL will set up a Block Fabrication Facility at Kochi spread over 80 acres, with an annual capacity of 120,000 metric tonnes at an investment of about Rs 37 billion. This facility is expected to create around 2,000 direct jobs and several times more indirect opportunities in allied industries such as logistics, MSMEs, and supply chains.

A dry dock inaugurated in 2024 will also be deployed to construct large vessels such as Suezmax tankers and bulk carriers, with the capacity to build up to six vessels annually. CSL said the Korean pact will support the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, aligning with New Delhi’s ambition to establish India as a global shipbuilding hub.

The government aims to secure a 5 per cent share of the global shipbuilding market by 2030 and develop 10 world-class shipyards through public-private partnerships and international collaborations. A Rs 700 billion financial package to boost shipbuilding, ship repair, and port infrastructure is under consideration by the Union Cabinet.