In a development for India's maritime sector, a tripartite memorandum of understanding was signed on 20 April 2026 between HD Korea Shipbuilding & Offshore Engineering Co., Ltd, National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited and Sagarmala Finance Corporation Limited for the development of India's first mega greenfield shipyard at Thoothukudi, Tamil Nadu. The exchange took place during the state visit of the President of the Republic of Korea in the presence of the Union Minister for Ports, Shipping and Waterways. The agreement forms part of the India-ROK Comprehensive Framework VOYAGES for partnership in shipbuilding, shipping and maritime logistics.

The MoU provides a foundation for joint development, financing, construction and operation of a world class mega shipyard with an envisaged annual capacity of two point five million (mn) Gross Tonnage (GT). The project is expected to generate approximately 15,000 direct jobs upon stabilisation of operations and to create substantial indirect employment 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, for which the techno-economic feasibility report has been completed and the detailed project report is under preparation.

India's Maritime Amrit Kaal Vision 2047 aims to position India among the top five shipbuilding nations globally with a targeted shipbuilding output of four point five million (mn) GT per annum by 2047, and the Thoothukudi facility, with its projected annual capacity of two point five mn GT, is expected to significantly transform the country's commercial shipbuilding landscape. The initiative represents one of the earliest implementation outcomes under the India-ROK maritime cooperation framework and reflects the growing strategic partnership between the two countries. NSHIP-TN has received in principle approval from the National Shipbuilding Mission for the proposed greenfield shipbuilding cluster at Thoothukudi.

Beyond capacity creation, the project is envisaged to catalyse a comprehensive maritime industrial ecosystem through ancillary and component manufacturing clusters, localisation of marine equipment and engineering supply chains, workforce skilling initiatives, and adoption of advanced manufacturing, digital shipbuilding and green shipping technologies. The collaboration is also expected to facilitate training of Indian shipbuilding professionals at HD KSOE facilities in the Republic of Korea and to attract international orders in the domestic shipbuilding sector. The Government launched a shipbuilding policy package in September 2025 worth Rs 700 billion (bn), which has already contributed to growing international interest and order inflows, including CMA CGM's order for six 1,700 TEU vessels at Cochin Shipyard Limited and recent contracts secured by Swan Defence and Heavy Industries Limited for six chemical tankers and four ammonia powered Kamsarmax bulk carriers. The signing therefore marks a major step towards establishing India as a globally competitive maritime manufacturing nation and reinforces government commitment to large scale industrial infrastructure through international partnerships and sustainable growth.