South Korean shipbuilding giant HD Hyundai Heavy Industries (HHI) is exploring the possibility of setting up of a shipyard in India to cater to local demand.

A delegation from HHI recently visited Thoothukudi and Cuddalore in Tamil Nadu to scout potential sites and held discussions with L&T, which operates a large shipyard in Kattupalli for shipbuilding as well as retrofitting and conversions. The key benefits include sharing information about technologies and "will give the Indian shipbuilding ecosystem access to various contracts HHI has with many equipment makers."

In December 2023, an Indian delegation led by T.K. Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways, visited South Korea’s major shipyards to strengthen cooperation. 

The Indian government is making a concerted push to strengthen India's position in the global shipbuilding industry, and plans to establish a new shipping company to expand its fleet by 1,000 ships within a decade. This initiative aims to reduce foreign freight costs by one-third by 2047 and boost trade revenue through joint ventures with state-run corporations and foreign firms.