Hyundai Motor India Q2 profit falls 23.9% as raw material costs rise
Hyundai Motor India's Q2FY27 net profit fell 23.9 per cent to Rs 1,196 crore as rising raw material costs and higher employee expenses offset an 18.5 per cent increase in revenue.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding division of Hyundai Heavy Industries, has pledged its support as a primary investor in a planned greenfield shipyard in Thoothukudi, Tamil Nadu, India. This commitment was made during shipping minister Sarbananda Sonowal's visit to South Korea, aimed at strengthening cooperation between India and Korea in shipbuilding and the maritime sector.
The ministry of ports, shipping and waterways announced the news on Wednesday. The Korean company's investment, totaling $4 billion, comes as part of a proposed joint venture structure with National Shipbuilding & Heavy Industries Park, Tamil Nadu Ltd (NSHIP-TN). The new shipyard, spread over 3,000 acres, will have an annual shipbuilding capacity of around 2.5 million gross tonnage (GT) and will be India's largest commercial shipyard upon completion.
Sonowal emphasized that India would serve as a core pillar of HD KSOE's global future. The shipyard is expected to bolster India's domestic shipbuilding capacity and maritime industry competitiveness, with the government's Shipbuilding Development Scheme supporting the project.
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- HD Hyundai backs India’s Thoothukudi shipyard plan livemint.com
