Chennai/IBNS, Dec. 8 -- South Korean conglomerate HD Hyundai is set to establish a $2-billion shipyard in Tamil Nadu, according to a report by Pulse, the English service of Maeil Business News Korea.

The shipyard is planned to be built in Madurai, located in southern Tamil Nadu. However, details regarding the scale, structure, and investment model for India's shipyard development remain under discussion.

The agreement marks a significant step in India's push to become the world's fifth-largest shipbuilding and maritime powerhouse, with Tamil Nadu being one of four shortlisted states alongside Gujarat and Andhra Pradesh.

It already hosts major Korean companies such as Hyundai Motor Company and Samsung Electronics, and large-scale invest...