Latest news with #CochinShipyardLimited
Hans India
02-08-2025
- Business
- Hans India
India doubles down on shipbuilding to become global maritime power
New Delhi: The shipbuilding industry in India is undergoing a transformational shift, as the government under Prime Minister Narendra Modi accelerates efforts to build a world-class maritime ecosystem, according to Sarbananda Sonowal, Minister of Ports, Shipping and Waterways. In line with the Maritime India Vision 2030 and the long-term strategic roadmap of Amrit Kaal, the Union Budget 2025 has announced a series of reforms and investments aimed at significantly enhancing the capacity and competitiveness of Indian shipyards. 'These initiatives are expected to strengthen India's position as an emerging global maritime power,' Sonowal said at the ongoing monsoon session of the Lok Sabha. Highlighting the government's commitment, Sonowal underlined the 'Shipbuilding Financial Assistance Policy which is being revamped to address cost disadvantages,' thereby helping Indian shipyards compete on equal footing with their international counterparts. The inclusion of credit notes for ship breaking in Indian yards reinforces the push towards a circular and sustainable maritime economy. To boost infrastructure financing, large ships above a specified size will now be classified under the Infrastructure Harmonised Master List, making them eligible for long-term, low-interest funding. Simultaneously, the government will facilitate the development of integrated shipbuilding clusters, equipped with modern infrastructure, skill development centres, and advanced technologies. This, the Budget notes, is aimed at 'increasing the range, categories and capacity of ships' built in India. In a landmark move to address the industry's need for long-term capital, the government has proposed a Rs 25,000 crore Maritime Development Fund, with up to 49 per cent government contribution. This fund will mobilise private and port-led investments to expand and modernise India's shipbuilding and repair capabilities. Recognising the long gestation nature of the industry, tax exemptions on Basic Customs Duty (BCD) for raw materials and components used in shipbuilding and ship-breaking have been extended for another 10 years. 'Our commitment to empower and enable our maritime sector is absolute and it is with this intent we are working under the dynamic leadership of PM Modi,' said Sonowal. To give Indian shipbuilders a competitive edge in public procurement, the government has extended the Right of First Refusal (ROFR) for tenders floated by public sector units. As per the Public Procurement (Preference to Make in India) Order 2017, vessels valued under Rs 200 crore must be procured from Indian yards, thereby reinforcing the goal of self-reliance in maritime assets. On the ship repair front, Cochin Shipyard Limited has inaugurated a Rs 970 crore International Ship Repair Facility (ISRF) in Kochi.
Hans India
30-07-2025
- Business
- Hans India
Cochin Shipyard Advances Maritime Sustainability with Industry 4.0-Ready Plate Cutting Machine
New Delhi: India's maritime sector witnessed a strategic leap forward as Cochin Shipyard Limited commenced operations of its newly inaugurated Industry 4.0-ready plate cutting machine, aligning with the country's broader vision for digital transformation in shipping infrastructure. The Ministry of Ports, Shipping and Waterways confirmed in the Rajya Sabha that the cutting-edge machine is now functional, marking a significant step towards automation and precision manufacturing in shipbuilding. This response was provided to a question raised by Dr. K. Laxman, Dr. Kavita Patidar, Narayana Koragappa, and Dr. Medha Vishram Kulkarni in the Rajya Sabha on Tuesday. Additionally, the Ministry has launched the Green Tug Transition Programme (GTTP), a phased initiative aimed at decarbonising tugboat operations at major Indian ports. Under this programme, traditional diesel-fueled harbour tugs will be gradually replaced with hybrid and fully electric tugs to reduce environmental impact and improve fuel efficiency. To support domestic shipbuilding, the government amended the Shipbuilding Financial Assistance Policy in August 2023. The revised policy provides flat financial support of 30% for vessels powered by green fuels such as methanol, ammonia, and hydrogen fuel cells. Vessels with fully electric or hybrid propulsion are eligible for a flat 20% financial assistance. In line with these reforms, the Harit Nauka guidelines were introduced to promote eco-friendly technologies in inland waterway vessels. These measures are part of India's broader maritime decarbonization strategy, which aims to increase the share of green vessels in the national fleet while fostering sustainable innovation in ship construction. The government's comprehensive efforts highlight a transformative shift toward cleaner, smarter, and more resilient maritime operations.
Times of Oman
08-07-2025
- Business
- Times of Oman
Cochin Shipyard partners with HD Hyundai to expand footprint in India's booming shipbuilding market
Seoul: India's largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), and HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding division of South Korea's HD Hyundai, have signed a memorandum of understanding (MoU) to jointly expand their global footprint and boost India's shipbuilding capacity, The Korea Herald reported. As per The Korea herald's report, the strategic MoU outlines long-term cooperation between the two companies in multiple areas, including ship design support, equipment supply, technical collaboration, and workforce training. Cochin Shipyard, which operates under a majority government stake and is located in Kerala, has delivered 70 ships in the past five years. It is known for building and maintaining a wide range of vessels, from merchant ships to aircraft carriers, the report added The partnership is expected to enhance CSL's global competitiveness and productivity, while also creating joint opportunities for securing vessel orders both in India and abroad, The Korea Herald reported. "This bilateral partnership is a critical move to strengthen our influence in the fast-growing Indian market and to support domestic equipment suppliers in expanding overseas," an HD KSOE official told The Korea Herald. The collaboration is in line with India's ambitious maritime policies, including the Maritime India Vision 2030 and Amrit Kaal Vision 2047. Earlier this year, India announced a 250 billion rupees (USD 2.92 billion) Maritime Development Fund aimed at boosting port infrastructure, coastal shipping, and shipbuilding. According to market research firm Ken Research, India's shipbuilding market has expanded more than 12-fold since 2022 and is projected to grow at an annual rate of over 60 per cent through 2033.
New Indian Express
06-07-2025
- Business
- New Indian Express
Cochin Shipyard to build large cargo vessels, signs MoU with Hyundai
KOCHI: Aiming to develop Kochi as a major hub of shipbuilding in the Indian Ocean region, the Cochin Shipyard Limited (CSL) inked a comprehensive Memorandum of Understanding (MoU) with HD Korea Shipbuilding and Offshore Engineering Ltd (KSOE), a subsidiary of HD Hyundai, one of the largest shipbuilders in the world, on Friday. The MoU sets the stage for long term cooperation between the two companies in various domains of shipbuilding and maritime development, which includes joint exploration of ship building opportunities in India and abroad, sharing of technical expertise to scale up to the global standards in shipbuilding, identification of initiatives to enhance productivity and capacity utilisation, and joint efforts to upskill and strengthen workforce. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. The company oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. 'It is a strategic MoU which is expected to help both the CSL and KSOE develop facilities to build large merchant vessels. It opens opportunity for a robust economic activity and will create huge employment opportunities. Cochin Shipyard will gain technical expertise from the Korean method of shipbuilding, while the KSOE will gain access to the potentially fastest growing economy. Both the firms will be able to exchange knowledge in design equipment and skilling,' said CSL chairman and managing director Madhu S Nair.
Malaysian Reserve
06-07-2025
- Business
- Malaysian Reserve
HD Hyundai to Transplant 'Korean Shipbuilding DNA' into India
Signed comprehensive MOU for cooperation in shipbuilding with Cochin Shipyard Limited, India, on July 4 To provide ship design, equipment support, and technical collaboration — marking HD Hyundai's full-scale entry into the Indian market 'Accelerating India's national maritime vision — forging new market opportunities through partnership' SEOUL, South Korea , July 5, 2025 /PRNewswire/ — HD Hyundai is joining forces with India's largest state-owned shipyard to strengthen its influence in the Indian and global markets. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing HD Hyundai's shipbuilding operations, announced on Sunday, that it has signed a comprehensive Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), India's largest state-owned shipbuilder, to establish long-term cooperation in the shipbuilding sector. CSL, with its main yard located in the southern Indian state of Kerala, Kochi, is the largest shipbuilding yard in India, with the Indian government holding a 67.91% stake. The company has extensive capabilities in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, CSL has successfully delivered a total of 70 vessels, including 60 small commercial ships and 10 naval vessels. Through this agreement, the two companies will pursue strategic cooperation across a range of areas, including design and procurement support for CSL, technical collaboration to enhance productivity and ensure global-quality standards, and the advancement of workforce capabilities through improved training systems. In particular, both parties have agreed to jointly explore new shipbuilding orders in the Indian and international markets. The partnership aligns with India's maritime development roadmaps, including the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047,' both announced by the Indian Ministry of Ports, Shipping & Waterways to foster growth in the maritime industry. In support of these visions, India established a Maritime Development Fund worth approximately INR 250 billion (KRW 4 trillion) this year and is expanding policy support to strengthen its domestic shipbuilding sector and maritime infrastructure. India's shipbuilding industry has witnessed rapid growth in recent years. According to market research firm Ken Research, the country's shipbuilding and repair market, valued at approximately USD 90 million in 2022, has surged to over USD 1.12 billion by 2024, a more than twelvefold increase. The market is expected to continue expanding at an average annual growth rate exceeding 60% until 2033. Through this partnership, HD Hyundai aims to strengthen its presence in the Indian market, the world's most populous country, while further enhancing its global competitiveness in the shipbuilding industry. 'This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India's national maritime vision,' said an HD Hyundai official. 'By leveraging HD Hyundai's accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers.' Meanwhile, HD Hyundai is actively expanding its global collaboration network beyond India. In April, the company signed an MOU with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, followed by a strategic partnership agreement with Edison Chouest Offshore in June. In addition, HD Hyundai has been accelerating efforts to create synergies in the global shipbuilding sector by expanding defense cooperation, such as joint submarine development, with Peru's state-run SIMA shipyard in November of last year. Maritime India Vision 2030 A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India's maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world's top 10 shipbuilding nations by 2030. Maritime Amrit Kaal Vision 2047 A long-term maritime development roadmap created to commemorate the 100th anniversary of India's independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world's top five shipbuilding nations by 2047. A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India's maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world's top 10 shipbuilding nations by 2030. A long-term maritime development roadmap created to commemorate the 100th anniversary of India's independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world's top five shipbuilding nations by 2047.
