SOURCE: AFI
South Korea’s Hanwha Ocean Co Ltd, one of the globe’s premier shipbuilders, is actively seeking collaborations in India to expand its shipbuilding and repair operations. This initiative comes as a response to the scarcity of shipbuilding slots in South Korea coupled with a worldwide increase in demand for new ship constructions.
A high-level delegation from Hanwha Ocean, formerly known as Daewoo Shipbuilding and Marine Engineering Co Ltd, recently concluded a strategic visit to India. Led by Jin Su Lee, Senior Vice President, the delegation toured several key Indian shipyards, including Pipavav, operated by Swan Defence and Heavy Industries Ltd (formerly Reliance Naval and Engineering Ltd), state-owned Cochin Shipyard Ltd, Hindustan Shipyard Ltd, and L&T Shipbuilding Ltd. Their visit, which spanned ten days, was at the behest of the Indian government and concluded with a significant meeting with senior officials from the Ministry of Ports, Shipping and Waterways on January 14.
The primary objective of this visit was to explore potential avenues for investment, collaboration, and the sharing of technological know-how. Hanwha Ocean’s interest in India is driven by the need to offload some of their burgeoning order books to alleviate pressure on their domestic facilities and capitalize on India’s growing shipbuilding infrastructure.
India’s shipbuilding sector has been gaining momentum, backed by the government’s push towards maritime development and self-reliance in defense and commercial shipping. The engagement with Hanwha Ocean could lead to technology transfers, joint ventures for constructing and repairing ships, and potentially, setting up manufacturing units in India for both domestic and international markets.
This collaboration could significantly boost India’s shipbuilding capabilities, introducing advanced Korean shipbuilding technologies and management practices to Indian yards. It also aligns with India’s broader strategy to become a hub for shipbuilding in Asia, leveraging its strategic location, skilled workforce, and burgeoning maritime industry.
NOTE: Article cannot be reproduced without written permission of idrw.org in any form even for YouTube Videos to avoid Copy right strikes. Websites doing illegal reproductions will get DMCA and Legal Notices.