HD Hyundai Co. has signed an agreement with India’s Tamil Nadu state to explore building a shipyard in the Thoothukudi region, a project that could require approximately $2 billion (₹18,000 crore) in investment according to local media reports, though the company stated the final scale remains undetermined.
The memorandum of understanding, announced Sunday at the Tamil Nadu Investment Conclave in Madurai, positions South Korea’s largest shipbuilding conglomerate as a leading candidate to participate in India’s ambitious push to become a top-five global maritime power by 2047.
HD Hyundai cited Thoothukudi’s climate similarity to Ulsan, where its main Korean facilities operate, as a key factor in selecting the location. The region already hosts Samsung Electronics and Hyundai Motor operations, with additional port infrastructure investments planned.
The Indian shipbuilding market, currently valued at roughly $90 million, is projected to reach $8.12 billion by 2033 according to Finextra Research. New Delhi has shortlisted five states including Tamil Nadu, Gujarat, and Andhra Pradesh as potential sites for new shipyard development.
HD Hyundai has been steadily expanding its India presence. The company signed a partnership with state-owned Cochin Shipyard in July covering design support and engineering, later broadening the scope to include naval vessel construction. Earlier this month, it agreed to collaborate with defense contractor BEML on port crane manufacturing.
