Hyundai to help HSL become a World Class Ship Builder

Welcome to WARN, Todays News is. Hyundai to help HSL become a World-Class Ship
Builder 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. However, due to several reasons there is not
much progress on the project even though a high-power committee set up by the government
inspected the facilities at HSL and other public and private sector shipyards. With an eye on the submarine project, HSL
had also formed a consortium with Maharatna company BHEL and Mishra Dhatu Nigam Ltd (MIDHANI),
to showcase a strong financial background. 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.

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