Samsung Heavy Industries is joining forces with India’s Swan Defence and Heavy Industries to boost shipbuilding and offshore engineering projects. The South Korean company announced the partnership on Monday, signing a memorandum of understanding (MOU) to team up on engineering, procurement, and project management.
Swan Defence runs India’s biggest dry dock, which can handle massive ships like very large crude carriers (VLCCs). Samsung Heavy sees this collaboration as a key step to break into the Indian market and grow its operations there over time.
This deal fits into Samsung Heavy’s bigger plan to expand its global reach. Just last August, it struck a similar strategic partnership with U.S.-based Vigor Marine Group.
On the Indian side, the government is ramping up its shipbuilding ambitions. Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal revealed that India aims to pour around Rs 1.82 lakh crore into the shipbuilding and maritime sector. This investment will help the country climb the ranks to become one of the world’s top maritime powers.
The funding will support shipbuilders in creating vessels of all sizes, getting India ready for what’s ahead. Sonowal stressed that the goal is to land in the global top five for shipbuilding by creating a strong ecosystem from the ground up. He credited Prime Minister Narendra Modi’s leadership over the past 11 years for turning shipping into a vital part of India’s infrastructure.
India’s shipbuilding industry is in the middle of a major makeover under Modi’s government, pushing for a world-class maritime setup. This lines up with the Maritime India Vision 2030 and the Amrit Kaal roadmap. The Union Budget 2025 brings new reforms and investments to supercharge Indian shipyards’ capacity and edge in the global market.
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