Cochin Shipyard has signed an agreement with HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for a long-term collaboration in shipbuilding, a company filing said on September 23.

The Indian PSU is also considering developing a Rs 15,000 crore shipyard in Tamil Nadu that will result the creation of 10,000 jobs.

"As part of its long-term growth strategy, CSL is considering a greenfield investment of about Rs 15,000 crore to establish a state-of-the-art shipyard in Tamil Nadu in collaboration with a Korean partner. In its first phase, the project is projected to create nearly 10,000 jobs - comprising 4,000 direct and 6,000 indirect opportunities - and may also include a modern ship repair facility," Cochin Shipyard said.

CSL has also signed a MoU with Tamil Nadu to develop shipbuilding clusters. The partnership will blend combine CSL’s infrastructure and expertise with HD KSOE’s technology and global experience to strengthen India’s shipbuilding capabilities.

Cochin Shipyard will also undertake joint shipbuilding projects at CSL’s existing facilities and explore opportunities in new areas such as greenfield shipyards and skill development. 

To support the shipbuilding plans for the Korean MoU, Cochin Shipyard will set up a dedicated Block Fabrication Facility (BFF) at Kochi spread over 80 acres, with an annual capacity of 1.20 lakh MT at an investment of about Rs 3,700 crore. This initiative could generate around 2,000 direct jobs and substantial indirect employment 'estimated at 2-5 times higher' in sectors such as logistics, MSMEs, supply chain, and ancillary industries.

One of Cochin Shipyard's dry dock inaugurated in 2024 will be used to construct large vessels such as Suezmax tankers, bulk carriers, at a capacity of up to six vessels every year. The PSU said the MoU with Korea will support Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047, as New Delhi gears up to develop a global shipbuilding hub.

The government has set a target of securing 5 percent share of the global shipbuilding market by 2030 and developing 10 world-class shipyards with the support of public-private partnerships and international collaborations.

"Shipbuilding is more than just an industry - it is a symbol of national strength and self-reliance. Our vision is to make India not just a participant, but a leader in sustainable shipbuilding, contributing to green growth, blue economy, and Atmanirbhar Bharat," Shantanu Thakur, the Minister of State for Ports, Shipping and Waterways had recently said.

A plan to roll out a Rs 70,000-crore financial package for shipbuilding, ship repair, and port infrastructure is in the works, and is expected to be cleared by the Union Cabinet soon. 

Source: MoneyControl

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