India’s state-owned shipbuilding entity, Hindustan Shipyard Limited (HSL), is reaching out to countries in Southeast Asia, especially Vietnam, amid the Indian government’s push to establish the country as a major defence products exporter and manufacturing centre. Negotiations are underway with the Vietnam People’s Navy (VPN) for submarine refits. Other than Vietnam, the shipyard is looking to explore opportunities in the Philippines. HSL, which is among India’s largest shipyards, is headquartered in Visakhapatnam and has attracted international business by repairing foreign vessels.
For example, in 2021, they docked and repaired a US pipe-laying vessel with a gross tonnage of 17,000T, something that highlights the state-owned entity’s capacity to handle large foreign vessels and also contributes to their revenue through foreign exchange earnings.
The state-owned company, which has been a strategic builder, has had a rich history of developing platforms for the Indian Navy, which includes building naval ships and repairing submarines. In fact, one of the first ships built indigenously for the Indian Navy was by this company. In 2020, it delivered advanced state-of-the-art platforms like the Ocean Surveillance Ship (OSS), ‘INS Dhruv’, which is India’s first nuclear missile-tracking vessel, for the Indian Navy.
In 2022, HSL launched two Diving Support Vessels (DSVs)—Nistar and Nipun—designed for deep-sea diving and submarine rescue. Built with 80% indigenous material, it aligns HSL’s efforts with the Indian government’s ‘Aatmanirbhar Bharat’ initiative. Both vessels underwent successful sea trials in May 2024, completing rigorous tests without significant defects.
The company has also signed a contract with the Defence Ministry for a project involving the five Fleet Support Ships (FSS) worth Rs 19000 crore. The first ship is slated for delivery in mid-2027, with the subsequent ships following at intervals of 10 to 12 months, aiming for all ships to be delivered by 2031-32.
The country’s oldest shipyard has steadily made its way to a robust shipbuilder while reporting its highest-ever turnover and profit in its history during the last financial year. In 2024, the shipyard recorded its highest-ever turnover of ₹1,413 crore, with a profit of ₹119 crore.
Hemant Khatri (Retd), Chairman and Managing Director (CMD) has led the company since 2020, and the key achievements include delivering the Ocean Surveillance Ship (OSS) and INS Sindhuvir after completing its timely delivery, the launch of two DSVs, and completing 17 ship repairs in a single year (2022). Under strategic vision 2025-2034, the company plans to increase production targets, diversification, and technological innovations, which include the integration of artificial intelligence (AI) and robotics. (WION)