HD Hyundai Signs MOU with Indian Entities for Joint Shipyard Venture

Agreement Signed HD Hyundai Co. Signed a memorandum of understanding with NSHIP TN and Sagarmala Finance Corporation Ltd. of India in New Delhi on April 20, 2026, local time. The MOU aims to cooperate in building a joint venture shipbuilding company, with HD Hyundai establishing the venture alongside the two Indian entities.

Yonhap reported that HD Hyundai will take a leading role as the largest shareholder and oversee overall operations. The joint venture will build a digital-focused shipyard in India. HD Hyundai also aims to establish a shipbuilding training center in the country and support the entry of South Korean equipment suppliers into the Indian market.

The Indian government plans to place initial shipbuilding orders with HD Hyundai's South Korean shipyards ahead of the joint shipyard's operation and dispatch local workers to gain hands-on experience.

The partnership was signed on the occasion of a bilateral summit between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi on April 20, 2026. HD Hyundai Co. Chairman Chung Ki-sun attended the South Korea-India business forum in New Delhi on the same day.

Yonhap reported these events as part of broader cooperation efforts. NSHIP TN is a special-purpose company established by India's port authorities. SMFCL supports India's Sagarmala port infrastructure development initiative. Under the MOU, these entities will collaborate with HD Hyundai to advance shipbuilding capabilities in India.

“The latest deal marks the transition of bilateral shipbuilding cooperation into the business execution phase," said an HD Hyundai official. The official added that the partnership is expected to help secure new orders and create opportunities for Korean partners to expand overseas, according to Yonhap. HD Hyundai, as the leading shareholder, will drive the venture's operations toward establishing advanced shipbuilding infrastructure.”