A tripartite Memorandum of Understanding has been signed for the development of India’s first mega greenfield shipyard at Thoothukudi in Tamil Nadu, with an envisaged annual capacity of 2.5 million Gross Tonnage.
The MoU was signed on 20 April 2026 between HD Korea Shipbuilding & Offshore Engineering Co. Limited, National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited, and Sagarmala Finance Corporation Limited under the Ministry of Ports, Shipping and Waterways.
According to a statement by the Ministry of Ports, Shipping and Waterways on Wednesday, 13 May, the project is a major development for India’s maritime sector and is expected to support the Maritime Amrit Kaal Vision 2047.
HD Korea Shipbuilding & Offshore Engineering is a global shipbuilding company, while NSHIP-TN is a special purpose vehicle jointly promoted by V.O. Chidambaranar Port Authority and State Industries Promotion Corporation of Tamil Nadu.
The MoU was exchanged in the presence of the Minister for Ports, Shipping and Waterways during the State Visit of Lee Jae Myung, President of the Republic of Korea, to India.
The agreement has emerged under the India-Republic of Korea Comprehensive Framework ‘VOYAGES’, which stands for Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale.
The framework covers partnership in shipbuilding, shipping and maritime logistics and was launched after the meeting between Prime Minister Narendra Modi and President Lee Jae Myung during the latter’s State Visit to India.
The Thoothukudi Greenfield Shipyard is among the earliest implementation outcomes under the India-ROK maritime cooperation framework.
The MoU provides a foundation for the joint development, financing, construction and operation of a world-class mega shipyard at Thoothukudi.
The project is expected to generate around 15,000 direct jobs once operations stabilise, apart from creating substantial indirect employment opportunities across Tamil Nadu and the surrounding region.
The proposed shipyard will serve as the anchor facility of the Thoothukudi Shipbuilding Cluster being developed by NSHIP-TN.
The Techno-Economic Feasibility Report for the project has already been completed, while preparation of the Detailed Project Report is underway.
NSHIP-TN has also received in-principle approval from the National Shipbuilding Mission for the proposed greenfield shipbuilding cluster at Thoothukudi.
India’s Maritime Amrit Kaal Vision 2047 aims to place the country among the top five shipbuilding nations globally, with targeted shipbuilding output of 4.5 million Gross Tonnage per year by 2047.
The proposed Thoothukudi facility, with a projected annual capacity of 2.5 million Gross Tonnage, is expected to significantly expand India’s commercial shipbuilding capacity.
The ministry said the project is also expected to support ancillary and component manufacturing clusters, localisation of marine equipment and engineering supply chains, workforce skilling, advanced manufacturing, digital shipbuilding and green shipping technologies.
The collaboration may also facilitate training of Indian shipbuilding professionals and workers at HD KSOE facilities in the Republic of Korea.
In September 2025, the government launched a shipbuilding policy package of around ₹70,000 crore as part of a four-pillar approach to accelerate India’s emergence as a globally competitive shipbuilding hub.
The ministry said Indian shipyards have seen growing international interest and order inflows since the launch of the policy package.
CMA CGM has placed orders for six 1,700 TEU vessels at Cochin Shipyard Limited, while Swan Energy’s Pipavav Shipyard has secured international orders for six chemical tankers from Norway and four ammonia-powered Kamsarmax bulk carriers from the United Kingdom.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said the MoU marks a defining moment in India’s journey towards becoming a global maritime power.
“This partnership under the ‘VOYAGES’ framework will bring world-class technology, scale, innovation and green shipbuilding capabilities to India,” Sonowal said.
He said the project will transform India’s commercial shipbuilding capacity, generate skilled jobs, catalyse industrial growth and strengthen the maritime ecosystem with global competitiveness.
The ministry said the signing of the MoU marks a major step towards establishing India as a globally competitive maritime manufacturing nation through international partnerships, advanced technologies and sustainable growth.
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