Latest news with #KSOE
Time of India
07-07-2025
- Business
- Time of India
Another Hyundai heads for India. Why it's important
India's shipbuilding industry, long overshadowed by global heavyweights like China, South Korea and Japan, is preparing for a transformation. If a Hyundai company, which is eyeing India, sets up shop in the country, it can provide a big push to India's growth story. 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 signed a Memorandum of Understanding (MoU) with Cochin Shipyard Limited. More than a business agreement, it signals a bold new phase in India's maritime ambitions. A strategic partnership for capability building India currently accounts for less than 1% of the global shipbuilding market. Yet, it has laid out ambitious targets: to break into the top 10 shipbuilding nations by 2030 and secure a place among the top 5 by 2047. The CSL–KSOE MoU is central to this strategy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo While Cochin Shipyard is one of India's leading shipyards, its capabilities are largely limited to building small to mid-sized commercial and defense vessels. By joining hands with KSOE, a global shipbuilding powerhouse, India will gain access to advanced ship design, automation, eco-friendly technologies and project execution expertise. This collaboration is expected to fast-track the development of large-scale shipbuilding capacities that India currently lacks. Moreover, this partnership includes knowledge sharing and technical support that will directly contribute to upgrading India's maritime workforce and infrastructure. Similar to how Maruti Suzuki catalyzed the Indian automobile industry by introducing Japanese technology and practices, this MoU aims to trigger a similar transformation in shipbuilding. Live Events Why HD Korea is interested in India For HD Korea, the Indian partnership is a strategic move to diversify and expand its global footprint beyond East Asia. With rising costs in South Korea and space constraints at its own shipyards, India offers an attractive alternative -- a large pool of skilled labor, growing infrastructure and strong government support. India's geographical advantage also plays a role. With a long coastline and proximity to major global trade routes, Indian ports are ideal for shipbuilding, ship repair and ship recycling. The Indian government is actively developing maritime industrial clusters in Gujarat, Tamil Nadu and Andhra Pradesh, supported by subsidies, infrastructure funding and policy reforms. This kind of ecosystem is appealing to foreign shipbuilders seeking long-term investment destinations. KSOE is particularly interested in India's potential to become a hub for green shipbuilding and retrofitting, as the global demand for cleaner vessels surges under new environmental regulations. India's green policy support, ranging from credits for ship recycling to grants for low-emission vessel construction, makes it a timely and strategic partner for KSOE. India's evolving shipbuilding policy The partnership fits squarely within the framework of India's Maritime India Vision 2030 and Amrit Kaal Vision 2047, which outline a comprehensive roadmap for developing India's maritime economy. These policies emphasize not only shipbuilding but also port development, logistics improvement and coastal economic zones. To support these ambitions, the Indian government has set up financial incentives, including a Rs 25,000 crore Maritime Development Fund. Under the Shipbuilding Financial Assistance Policy, builders are eligible for grants covering up to 30% of the construction cost, especially for green and advanced vessels. Shipowners who recycle old ships in India can also earn credit notes for constructing new ones—a circular incentive to stimulate local shipyards. In addition, India is simplifying procedures for Indian-flagged vessels and prioritizing them in government contracts, aiming to boost domestic demand for ships built and operated in India. Why India needs its own ships India's reliance on foreign vessels is one of its biggest logistical vulnerabilities. Over 95% of its trade by volume moves through ships, yet less than 6% of this is carried on Indian-flagged vessels. Most of its cargo moves on foreign ships, which costs the country billions of dollars in freight payments annually and exposes it to logistical risks during global disruptions. In addition, nearly half of India's existing merchant fleet is over 20 years old. This aging fleet needs urgent modernization, not just for efficiency, but also to meet global environmental standards. Owning and operating more Indian ships will also provide a reliable, cost-efficient shipping backbone to support the government's manufacturing and export goals under initiatives like Make in India and Atmanirbhar Bharat. A strong domestic shipping line ensures that India controls the movement of its own goods and can maintain supply chain resilience even during geopolitical or economic turmoil. Bharat Container Line, a national container shipping line being planned by the government, is expected to reduce dependence on foreign-flagged vessels and strengthen India's control over foreign trade. Shipping is the hidden engine behind any successful manufacturing and export economy. China's share of the $150 billion global shipbuilding industry has expanded to over 50% from around 5% in 2000, largely aided by government subsidies, while once dominant US shipbuilders have seen their share dwindle below 1%. South Korea and Japan are the next biggest shipbuilders. To reach its $5 trillion GDP target, India must be able to move goods quickly, cheaply and reliably. Building its own ships, operating its own fleet and controlling its shipping routes will be essential in reducing foreign exchange outflows, lowering transport costs and increasing trade competitiveness. The shipbuilding sector also generates significant employment and has a high multiplier effect. For every ship built, there is demand created in steel, electronics, machinery, logistics and services. The long-term plan is not just to build ships for India, but to become a global destination for international shipping orders. (With agency inputs)
Business Standard
07-07-2025
- Business
- Business Standard
Cochin Shipyard inks MoU with KSOE for strategic shipbuilding collaboration
Cochin Shipyard said that it has signed a comprehensive Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (KSOE), South Korea to establish long term co-operation across various domains of shipbuilding development. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. KSOE oversees the operations of some of the worlds largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. The MoU includes the joint exploration of newbuilding opportunities in India and abroad as well as sharing technical expertise to scale up to the global standards in shipbuilding. The collaboration also aims to identify initiatives to enhance productivity and improve capacity utilization. In addition both the parties will work together to upskill and strengthen workforce while also exploring potential collaboration in other shipbuilding-related projects. Cochin Shipyard is primarily engaged in shipbuilding and ship repair, catering to both the domestic and international markets. As of 31 March 2025, the Government of India held 67.91% of the total voting rights in the company. The company's consolidated net profit advanced 10.9% to Rs 287.19 crore on a 36.7% rise in revenue from operations to Rs 1,757.65 crore in Q4 FY25 over Q4 FY24. The counter added 2.08% to settle at Rs 2,057.25 on the BSE.
New Indian Express
06-07-2025
- Business
- New Indian Express
Cochin Shipyard to build large cargo vessels, signs MoU with Hyundai
KOCHI: Aiming to develop Kochi as a major hub of shipbuilding in the Indian Ocean region, the Cochin Shipyard Limited (CSL) inked a comprehensive Memorandum of Understanding (MoU) with HD Korea Shipbuilding and Offshore Engineering Ltd (KSOE), a subsidiary of HD Hyundai, one of the largest shipbuilders in the world, on Friday. The MoU sets the stage for long term cooperation between the two companies in various domains of shipbuilding and maritime development, which includes joint exploration of ship building opportunities in India and abroad, sharing of technical expertise to scale up to the global standards in shipbuilding, identification of initiatives to enhance productivity and capacity utilisation, and joint efforts to upskill and strengthen workforce. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. The company oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. 'It is a strategic MoU which is expected to help both the CSL and KSOE develop facilities to build large merchant vessels. It opens opportunity for a robust economic activity and will create huge employment opportunities. Cochin Shipyard will gain technical expertise from the Korean method of shipbuilding, while the KSOE will gain access to the potentially fastest growing economy. Both the firms will be able to exchange knowledge in design equipment and skilling,' said CSL chairman and managing director Madhu S Nair.
New Indian Express
04-07-2025
- Business
- New Indian Express
Cochin Shipyard, Hyundai's KSOE sign MoU to develop Kochi as major shipbuilding hub
KOCHI: Aiming to develop Kochi as a major hub of ship building in the Indian Ocean region, the Cochin Shipyard inked a comprehensive Memorandum of Understanding with HD Korea Shipbuilding and Offshore Engineering Ltd (KSOE), a subsidiary of HD Hyundai, one of the largest shipbuilders in the world, on Friday. The MoU sets the stage for long term cooperation between the two companies in various domains of shipbuilding and maritime development, which includes joint exploration of ship building opportunities in India and abroad, sharing of technical expertise to scale up to the global standards in shipbuilding, identification of initiatives to enhance productivity and capacity utilisation and joint efforts to upskill and strengthen workforce. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. The company oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. 'This is a strategic MoU which is expected to help both the CSL and KSOE develop facilities to build large merchant vessels. This opens the opportunity for a robust economic activity and will create huge employment opportunity. The Cochin Shipyard will gain technical expertise from the Korean method of shipbuilding, while the KSOE will gain access to the potentially fastest growing economy. Both the firms will be able to exchange knowledge in design equipment and skilling,' said Cochin Shipyard chairman and managing director Madhu S Nair.
Business Standard
04-07-2025
- Business
- Business Standard
Cochin Shipyard signs MoU with HD KSOE, South Korea
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), South Korea has signed a Memorandum of Understanding (MOU) with Cochin Shipyard (CSL) on 04 July 2025. The MOU is intended to facilitate cooperation between the two companies in the following areas: (i) Joint exploration of newbuilding opportunities in India and abroad; (ii) Sharing of technical expertise to scale up the global standards in shipbuilding; (iii) Identification of initiatives to enhance productivity and capacity utilization; (iv) Joint efforts to upskill and strengthen workforce; and (v) Exploration of potential collaboration in other shipbuilding-related projects. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. KSOE oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. This MoU, under which the two companies will pursue strategic cooperation across a range of areas, aligns with the Government of India's vision to develop the country into a global maritime hub under the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047'. These strategic frameworks are backed by initiatives such as the recently announced INR 250 billion Maritime Development Fund, aimed at accelerating investment in shipbuilding, port modernization, and infrastructure upgrades.
