India Partners with Top South Korean Shipyards for Shipbuilding Goals
PORTS & SHIPPING

India Partners with Top South Korean Shipyards for Shipbuilding Goals

India is actively seeking technical collaborations and joint ventures with top global shipbuilders, including South Korea's HD Hyundai Heavy Industries Co, Hanwa Ocean Co, and Samsung Heavy Industries Co, in light of a major shipbuilding policy that is expected to be approved by the Cabinet soon.

A high-level delegation, led by T K Ramachandran, Secretary of the Ministry of Ports, Shipping and Waterways, recently returned from South Korea, where they visited leading shipyards to understand the construction methods and processes used by the world’s second-largest shipbuilding nation. The delegation also engaged in discussions about potential collaborations and joint ventures between India and South Korea.

Ramachandran was accompanied by R Lakshmanan, Joint Secretary at the Ministry of Ports, Shipping and Waterways, Madhu Nair, Chairman and Managing Director of Cochin Shipyard, and Capt B K Tyagi, Chairman and Managing Director of the Shipping Corporation of India.

An official stated that the meetings with top officials from South Korean shipyards were very positive, with the South Koreans expressing strong interest in forging collaborations with Indian yards. The official added that formal agreements might be signed when Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, visits South Korea in March the following year.

Representatives from Hanwa Ocean (formerly Daewoo Shipbuilding & Marine Engineering Co) also took part in a meeting on July 4, organised by the Ministry of Ports, Shipping and Waterways, which focused on rejuvenating India’s shipbuilding sector.

Executives from the state-owned Export–Import Bank of Korea (KEXIM) visited India in late October to explore possible collaborations in the maritime sector, including shipbuilding and repairs.

While Indian shipyards have the expertise to build conventional ships of smaller and medium sizes, they are yet to venture into building large vessels such as Very Large Crude Carriers (VLCCs), Capesize bulk carriers, Suezmax tankers, and large container vessels, mainly due to limited infrastructure, according to sources in the shipbuilding industry.

Moreover, the construction time for vessels in Indian shipyards is considerably longer compared to South Korean or Japanese shipyards. Indian yards also lack the technical expertise to build specialized ships, such as LNG/LPG carriers, Floating Storage Regasification Units (FSRUs), and car carriers. Additionally, the procurement lead time for major equipment and machinery is longer in India, which adds to the construction timeline and reduces profit margins.

One official suggested that the feasibility of deeper engagement and mutual collaboration with South Korea's shipbuilding industry should be explored, given the urgent need to modernize India's shipbuilding capacity. The official also noted that potential areas for collaboration could include ship design, real-time planning, and milestone monitoring tools, as well as improvements in production management, processes simplification, automation, digitalization in welding, training, infrastructure expansion, technology transfer for specialized vessels, establishing ancillary units, and promoting green shipping.

India is actively seeking technical collaborations and joint ventures with top global shipbuilders, including South Korea's HD Hyundai Heavy Industries Co, Hanwa Ocean Co, and Samsung Heavy Industries Co, in light of a major shipbuilding policy that is expected to be approved by the Cabinet soon. A high-level delegation, led by T K Ramachandran, Secretary of the Ministry of Ports, Shipping and Waterways, recently returned from South Korea, where they visited leading shipyards to understand the construction methods and processes used by the world’s second-largest shipbuilding nation. The delegation also engaged in discussions about potential collaborations and joint ventures between India and South Korea. Ramachandran was accompanied by R Lakshmanan, Joint Secretary at the Ministry of Ports, Shipping and Waterways, Madhu Nair, Chairman and Managing Director of Cochin Shipyard, and Capt B K Tyagi, Chairman and Managing Director of the Shipping Corporation of India. An official stated that the meetings with top officials from South Korean shipyards were very positive, with the South Koreans expressing strong interest in forging collaborations with Indian yards. The official added that formal agreements might be signed when Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, visits South Korea in March the following year. Representatives from Hanwa Ocean (formerly Daewoo Shipbuilding & Marine Engineering Co) also took part in a meeting on July 4, organised by the Ministry of Ports, Shipping and Waterways, which focused on rejuvenating India’s shipbuilding sector. Executives from the state-owned Export–Import Bank of Korea (KEXIM) visited India in late October to explore possible collaborations in the maritime sector, including shipbuilding and repairs. While Indian shipyards have the expertise to build conventional ships of smaller and medium sizes, they are yet to venture into building large vessels such as Very Large Crude Carriers (VLCCs), Capesize bulk carriers, Suezmax tankers, and large container vessels, mainly due to limited infrastructure, according to sources in the shipbuilding industry. Moreover, the construction time for vessels in Indian shipyards is considerably longer compared to South Korean or Japanese shipyards. Indian yards also lack the technical expertise to build specialized ships, such as LNG/LPG carriers, Floating Storage Regasification Units (FSRUs), and car carriers. Additionally, the procurement lead time for major equipment and machinery is longer in India, which adds to the construction timeline and reduces profit margins. One official suggested that the feasibility of deeper engagement and mutual collaboration with South Korea's shipbuilding industry should be explored, given the urgent need to modernize India's shipbuilding capacity. The official also noted that potential areas for collaboration could include ship design, real-time planning, and milestone monitoring tools, as well as improvements in production management, processes simplification, automation, digitalization in welding, training, infrastructure expansion, technology transfer for specialized vessels, establishing ancillary units, and promoting green shipping.

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?