Hyundai shipyard ties up with sovereign wealth fund to acquire companies with high growth potential

Lim Chang-won Reporter() | Posted : March 24, 2021, 13:00 | Updated : March 24, 2021, 13:00

[Courtesy of Hyundai Heavy Industries]

SEOUL -- South Korea's Hyundai shipbuilding group will actively push for the diversification of its business portfolio into artificial intelligence, robots and other new industries with the help of a domestic sovereign wealth fund to take over global companies with high growth potential.

Hyundai Heavy Industries Holdings signed a memorandum of understanding with Korea Investment Corporation (KIC). "We hope this MOU will be the first step toward realizing the new business that Hyundai Heavy Industries is pushing for," said Chung Ki-sun, an executive vice president in charge of the holding company's management support.

Up to one trillion won ($882 million) will be used to acquire or secure invest shares in companies with leading technologies in artificial intelligence, robots, digital healthcare, autonomous ship sailing and hydrogen fuel cells. Hyundai Robotics, a major industrial robot maker affiliated with the shipbuilding group, has ventured into construction and service robot industries
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