State-run Shipping Corp. of India Ltd, the county's biggest shipping firm by fleet size and revenues, is in talks with South Korean shipbuilder STX Shipbuilding Co. Ltd for a joint venture.
India looks to scale up its shipbuilding capacity to tap into a global shipbuilding boom. SCI has started discussions with STX for a joint venture shipyard in India, but nothing has been finalized as yet. S. Hajara, chairman and managing director of SCI, said the company is ''talking to many partners and will finalize one at an appropriate time.'' He did not confirm talks with STX and declined to name the potential partners. An STX spokesperson, too, declined to comment on the subject. The Union government plans to build two international-size shipyards, one each on the east and west coasts, with investments from private firms to boost India's shipbuilding capacity as part of its $12.4 billion (Rs49,500 crore) national maritime development program. It is not known whether SCI's talks with STX are for one of these yards.
Indian shipyards currently have the capacity to build ships with a combined cargo carrying capacity of 2.8 million tonnes (mt) a year. This is small by global standards. India has 23 shipyards, seven of which are owned by the Centre and two by state governments. The other shipyards are owned by private firms, including ABG Shipyard Ltd, Bharati Shipyard Ltd, Larsen and Toubro Ltd and Pipavav Shipyard Ltd. STX Shipbuilding has facilities in Busan and Jinhae in South Korea, Dalian in China and is also building a new yard in Vietnam.
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