SEOUL, March 24 (Yonhap) — Global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed an initial deal with Korea Investment Corp. (KIC), South Korea’s sovereign wealth fund, toward merger and acquisitions with global companies as part of efforts to expand its presence in new businesses.

Under the deal, HHIH and KIC will jointly invest 1 trillion won (US$900 million) to push for the mergers and acquisitions of global companies in the areas of AI, robots, remote autonomous ships and hydrogen fuel cells, the holding company said.

HHIH has been aggressively building up its business portfolio via mergers and business tieups to strengthen its competitiveness.

The company has been pushing ahead with the acquisition of leading shipbuilder Daewoo Shipbuilding & Marine Engineering Co. and local top construction equipment maker Doosan Infracore Co.

Officials from Hyundai Heavy Industries Holdings Co. (HHIH) and Korea Investment Corp. (KIC) hold a business agreement on March 24, 2021, in this photo provided by HHIH. (PHOTO NOT FOR SALE) (Yonhap)