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Sunday, January 18, 2015

HSL in pact with Hyundai to build submarines

Hyundai Heavy IndustriesCity-based Hindustan Shipyard Limited (HSL) has inked a memorandum of understanding with South Korea's Hyundai Heavy Industries Co Limited, the world's largest shipbuilding company, in a bid to boost its submarine manufacturing capabilities at one of India's oldest ship building yards.

At the same time, HSL sources said the shipyard is also looking at tying up with South Korea lithium polymer battery manufacturer - Kokam - to enhance its competencies in submarine building.

The development comes close on the heels of HSL forming a consortium with BHEL (Bharat Heavy Electricals Limited) and Mishra Dhatu Nigam Limited (MIDHANI) to bag the order for construction of six submarines, which are estimated to cost a whopping Rs 60,000 crore, under Project 75 (I) of the ministry of defence.

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