Seoul, Dec. 8 -- South Korean conglomerate HD Hyundai is moving forward with plans to establish a shipyard in India through cooperation with a local state government, as per a report by Pulse, the English service of Maeil Business News Korea.

HD Hyundai announced on Monday that it signed an exclusive agreement for the construction of a new shipyard with the Tamil Nadu state government on Sunday in Madurai, located in southern Tamil Nadu.

India is actively reviewing the expansion of existing shipyards and the construction of new ones as it seeks to become the world's fifth-largest shipbuilding and maritime powerhouse.

Tamil Nadu is one of the four states selected as candidates for new shipyard development, along with Gujarat and Andhra ...