New Delhi/Seoul, April 21 (IANS) HD Hyundai, South Korea’s leading shipbuilding conglomerate, said on Tuesday it has forged a partnership with Indian government-backed entities to establish a joint shipyard in India.

HD Hyundai said it signed a memorandum of understanding (MOU) with NSHIP TN and Sagarmala Finance Corporation Ltd. (SMFCL) of India in New Delhi on Monday (local time) to cooperate in building a joint venture shipbuilding company, reports Yonhap News Agency.

NSHIP TN (National Shipbuilding & Heavy Industries Park) Tamil Nadu is a special-purpose company established by India’s port authorities, while SMFCL supports the country’s Sagarmala port infrastructure development initiative.

Under the MoU, HD Hyundai will establish the joint venture shipbuilding company with the two entities and take a leading role as the largest shareholder, overseeing overall operations and ultimately building a digital-focused shipyard in India.

The partnership was signed on the occasion of a bilateral summit held between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi.

HD Hyundai also aims to foster local talent by establishing a shipbuilding training centre and supporting the entry of South Korean equipment suppliers into the Indian market.

According to HD Hyundai, 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 latest deal marks the transition of bilateral shipbuilding cooperation into the business execution phase,” said an HD Hyundai official, who added that the partnership is expected to help secure new orders and create opportunities for Korean partners to expand overseas.

Meanwhile, Hyundai Motor said on Tuesday it has signed an agreement with TVS Motor Company Ltd. of India to collaborate in developing an electric three-wheeler for the Indian market.

Under the joint development agreement signed in New Delhi on Monday (local time), Hyundai Motor will lead the design and joint development of the electric three-wheeler, leveraging its research and development (R&D) capabilities and human-centric design approach.

TVS Motor will co-develop the product using its electric vehicle (EV) platform and expertise in three-wheeler engineering, as well as its knowledge of the local market.

—IANS

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