New Delhi, Feb. 24 -- India's long-held ambition to become a serious shipbuilding nation on par with giants such as China, South Korea, and Japan may finally get off the starting blocks in the second half of 2026, at a time when the Asian shipyards are packed with orders, with waiting periods stretching into several years.

In the first instance of a global shipbuilding giant investing directly in core shipbuilding infrastructure in India, state-run Cochin Shipyard Limited (CSL) and South Korea's HD Korea Shipbuilding and Offshore Engineering (HD KSOE)-part of the HD Hyundai Group-are in final stages of forming a joint venture to set up a $500-million manufacturing facility in Kochi, with both partners contributing equally.

CSL's chairma...