Kolkata, Nov 3 — As part of the government of India's Maritime Amrit Kaal Vision 2047, Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, visited the Hanwha Ocean shipyard in Geoje, South Korea, and met Chang-yong Kim, its executive vice president of manufacturing.
Ravi Kumar M, ship surveyor-cum-deputy director general (technical), Directorate General of Maritime Administration (DGMA), accompanied the minister during the visit.
Hanwha Ocean’s Geoje shipyard covers about 4.9 million square metres. It has a one-million-ton dock and a 900-ton Goliath crane. The yard builds LNG carriers, VLCCs, mega container ships, FLNG units and offshore plants, as well as naval and speciality vessels including submarines.
The shipyard delivered its 200th LNG carrier in February 2025. The Indian team got a firsthand view of the shipbuilding operations, reflecting the continued engagement between India and South Korea in shipbuilding and maritime cooperation.
Under its maritime policy, the Government of India is aggressively pushing for domestic shipyards to secure joint ventures and technical collaborations with premier foreign partners.
Under the Maritime Amrit Kaal Vision 2047, the Centre aims to catapult India into the top five global shipbuilding nations by 2047.
The Union Cabinet approved a massive Rs 69,725 crore to turn this vision into reality. This fund is being leveraged by the government to attract global players, particularly from South Korea, Japan, and Europe, to anchor new manufacturing hubs and modernise existing yards.
South Korea became India's primary maritime partner under the VOYAGES framework signed in 2026. HD Hyundai signed a Memorandum of Understanding (MoU) to develop a $4 billion mega greenfield shipyard in Thoothukudi, Tamil Nadu, which will be India’s largest commercial shipyard.
India is also aggressively courting Samsung Heavy Industries and Hanwha Ocean for technical support and yard expansions.
At the same time, the Ministry of Ports, Shipping and Waterways is in active talks with major Japanese shipbuilders, including Imabari Shipbuilding, Japan Marine United Corporation (JMUC), and Mitsubishi Heavy Industries to establish joint ventures with Indian yards.
Europe’s largest private shipbuilder, Damen Shipyards, is also expanding its existing joint ventures in India to manufacture electric tugs, ferries, and specialised vessels. Garden Reach Shipbuilders and Engineers (GRSE) Ltd has also signed a MoU with Norway's Kongsberg Maritime.
To reduce dependence on foreign shipping companies, the government plans to purchase over 400 vessels worth nearly $23 billion over the next decade for public sector entities, giving foreign joint ventures massive order-book visibility.
The government is also offering 15-25% capital support for vessels built domestically under the updated Shipbuilding Financial Assistance Scheme (SBFAS).
The Shipbuilding Development Scheme (SbDS) also focuses on building greenfield shipbuilding clusters where the government provides common infrastructure, allowing foreign entities to quickly step in as technical and strategic anchors.
To streamline the supply chain, the Korea Marine Equipment Association (KOMEA) opened its first Indian office in Mumbai to help specialised component manufacturers set up local production alongside Indian yards.
State-owned Defence Public Sector Undertakings (DPSUs) and major commercial yards are actively looking for global investors. These include Mazagon Dock Shipbuilders (MDL), which is currently seeking strategic partners for two massive proposed shipbuilding hubs in Maharashtra and Andhra Pradesh.
Both GRSE and Goa Shipyard Limited (GSL) are looking for advanced global tech integrations. Cochin Shipyard Limited (CSL) is also expanding capabilities in green shipping and cruise tourism through recent MoUs with European firms like Germany's Everllence SE.