Seoul/New Delhi, Sep 29: Samsung Heavy Industries said on Monday it has partnered with India's Swan Defence and Heavy Industries to collaborate in shipbuilding and offshore engineering.
Under a memorandum of understanding (MOU) signed earlier, the two companies will pursue cooperation in engineering, procurement and management of shipbuilding and offshore projects, Samsung Heavy said, reports Yonhap news agency.
Swan Defence and Heavy Industries operates India's largest dry dock, capable of constructing very large crude carriers (VLCCs).
Samsung Heavy said the partnership will help it establish a foothold in India, with plans to gradually expand its business there.
The deal is part of Samsung Heavy's recent push to strengthen its global network, following its strategic partnership with US-based Vigor Marine Group in August.
Meanwhile, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has said India is eyeing an investment of around Rs 1.82 lakh crore in the shipbuilding and maritime sector, positioning the country to emerge among the world’s leading maritime nations.
The financial support will be extended to shipbuilders to construct vessels of all sizes, strengthening the country’s preparedness for future needs, the minister said.
Sonowal underlined that the government’s goal is to place India among the global top five in shipbuilding by building an ecosystem from the ground up. He attributed the transformation of shipping into a crucial infrastructure pillar to Prime Minister Narendra Modi's vision over the previous 11 years.
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.
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.
This report is from IANS news service. NewsGram holds no responsibility for its content. (NS)
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