India to enter into an agreement with South Korea
The agreement of mutual cooperation to be signed between the governments of India and South Korea will pave the way for a strategic partnership between Hindustan Shipyard Limited, a Visakhapatnam-based Ministry of Defence enterprise, and Hyundai Heavy Industries Co. Ltd, the world’s leading shipbuilder.
The discussions by the Ministry of Defence with its counterpart in South Korea are at an advance stage. “Once the agreement is signed, we will get the benefit of technical expertise of Hyundai and help us make our yard truly world-class,” Rear Admiral (retired) L.V. Sarat Babu, HSL Chairman and Managing Director, told The Hindu on Tuesday.
HSL had signed an MoU with Hyundai in January, 2015 for mutual cooperation keeping in view its bid to bag the contract for construction at least one or two out of six futuristic submarines mooted under Project 75 (1) of Indian Navy. The total project cost mooted under ‘Make in India’ programme was estimated at around Rs. 60,000 crore at the rate of Rs. 10,000 crore per submarine.
The issue of mutual cooperation with Indian shipyards had figured prominently during the visit of Prime Minister Narendra Modi to Hyundai unit in Korea in May, 2015. Read more