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The Korean shipbuilder, Samsung Heavy Industries on Monday announced its entry into the Indian shipbuilding industry through a partnership with Swan Defense and Heavy Industries in Gujarat, enhancing its participation in India's state-led initiative to boost local shipbuilding.
As per a report by 'The Korea Herald' under this partnership, both the companies agreed to explore collaboration across a wide range of ocean projects, including engineering, procurement and management in shipbuilding. SDHI, India's largest shipyard, accounts for 30 per cent of the country's shipbuilding capacity and operates the nation's largest dry dock, capable of constructing very large crude carriers and other maritime facilities. Samsung plans to gradually expand its local operations, using the shipyard as a foothold to target India's rapidly growing maritime logistics sector. India's shipping industry is projected to grow at a compound annual rate of 6.4 percent between 2025 and 2030, according to Grand View Research. "This collaboration blends technological expertise with strong market presence, making it a model partnership that delivers mutual benefits," said Namgung Geum-sung, vice president of Samsung Heavy Industries. "Samsung Heavy Industries will continue to seize new opportunities to drive growth in the future." The Indian government, aiming to become one of the world's top five shipbuilding nations by 2047 and secure 1,000 commercial vessels within the next decade, has engaged Korean shipbuilders to produce ships locally. In December, high-ranking Indian delegates from the Ministry of Ports, Shipping and Waterways visited major Korean shipyards, including Samsung Heavy Industries' Geoje facility in South Gyeongsang Province, to discuss collaboration in shipbuilding. The country is also working to provide financial incentives for local shipbuilding operations. In its 2025 annual budget, the Indian central government proposed an approximately USD 3 billion Maritime Development Fund to support long-term financing for the shipbuilding, repair and maritime infrastructure sectors. (ANI)
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