South Korea's HD Hyundai has signed a memorandum of understanding with two Indian government-backed bodies — NSHIP TN (a special-purpose shipbuilding and industrial park company tied to India's port authorities) and the Sagarmala Finance Corporation — to establish a joint venture shipyard in India, with HD Hyundai as the largest shareholder. The agreement was concluded in New Delhi on the sidelines of a bilateral summit between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi. The deal marks a shift from planning to execution in South Korean-Indian shipbuilding cooperation, with India set to place early orders with HD Hyundai's existing South Korean yards and send workers there for training ahead of the new facility's launch.