In what can be proved to be a game-changer for India's shipbuilding industry, a Hyundai company has signed a memorandum of understanding (MoU) with state-owned Cochin Shipyard Limited (CSL). According to reports, HD Korea Shipbuilding & Offshore Engineering Co. Ltd (KSOE), a subsidiary of HD Hyundai Co. Ltd. (which is part of the larger Hyundai conglomerate that also includes car company Hyundai Motors), has collaborated with the PSU to expand its footprint in India's booming shipbuilding market.
Long-Term Cooperation In Multiple Areas
As per The Korea Herald's report, the strategic MoU outlines long-term cooperation between the two companies in multiple areas, including ship design support, equipment supply, technical collaboration, and workforce training.
The partnership between the two companies is likely to improve the global competitiveness and productivity of the PSU, which is into building and maintaining a wide range of vessels, from merchant ships to aircraft carriers.
The company was established in 1972 as a wholly owned government entity. Currently, the government holds a 72.86 per cent stake in Cochin Shipyard Limited.
The partnership is expected to enhance CSL's global competitiveness and productivity, while also creating joint opportunities for securing vessel orders both in India and abroad.
Cochin Shipyard Deepens Partnership With Drydocks World
Meanwhile, Cochin Shipyard Limited (CSL) and Drydocks World, a DP World company, are deepening their partnership to develop ship repair and offshore fabrication hubs across India.
This collaboration follows the signing of a Memorandum of Understanding (MoU) in Mumbai last month during the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, according to a Shipyard statement here on Monday.
With agency inputs
