Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, met HD Hyundai Chairman Chung Ki-sun in Seoul to discuss next steps for the proposed greenfield shipyard at Thoothukudi, Tamil Nadu. According to the Ministry of Ports, Shipping and Waterways, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) reiterated its intent to participate as a primary strategic investor in the project.
A joint working group will oversee project development, and project partners will work towards agreeing on a joint venture structure. The Detailed Project Report (DPR) is expected to be finalised within six months. The shipyard is planned as a greenfield facility with a USD 4 billion investment and is envisaged to have an annual shipbuilding capacity of approximately 2.5 million Gross Tonnage, subject to DPR validation.
What it means
- A joint working group will oversee project development, and the Detailed Project Report is expected to be finalised within six months.
- The proposed shipyard is envisaged to have an annual shipbuilding capacity of approximately 2.5 million Gross Tonnage, subject to validation through the Detailed Project Report.
Source
Press Information Bureau, Government of India, “India’s Thoothukudi Mega Shipyard Picks Up Pace as Union Minister Sarbananda Sonowal Meets HD Hyundai Chairman Chung Ki-sun in Seoul”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
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