Indian Prime Minister Narendra Modi has recently expressed an interest in South Korean ship-building company Hyundai Heavy Industries (HHI), saying that their capabilities could be the key to propelling India’s growth, according to NDTV.
It was reported by PTI recently that South Korea has pledged to invest around US$10 billion into India’s economy in a bid to develop a number of growth areas in the country, such as port infrastructure and smart cities.
Narendra Modi said: “Shipbuilding is a top priority for us. Your ship-building capacity and our agenda of port led development can become driver of our growth.”
India has recently been involved with a public-private-partnership scheme with the Indian federal government which would see around 10 of its ports benefit from 100% direct foreign investment.
It is also pushing ahead with plans to build a container port in Chabahar, Iran, despite US warnings to abandon the project.
HHI saw a massive loss in its revenue in 2014, having dropped sharply by around $2 billion as a result of the increased competition fronted by Chinese shipbuilders.
The shipbuilder has since re-thought its management structure by merging some of its business units into under management system.
(Source: Vancouver Sun)