**Executive Summary**
On 20 April 2026, a tripartite Memorandum of Understanding (MoU) was signed between HD KSOE, NSHIP-TN, and SMFCL to develop India’s first Mega Greenfield Shipyard at Thoothukudi, Tamil Nadu. This project, established under the India-ROK ‘VOYAGES’ framework, aims to create an annual capacity of 2.5 Million Gross Tonnage (GT) to support the Maritime Amrit Kaal Vision 2047. While the Techno-Economic Feasibility Report is complete, the Detailed Project Report (DPR) is currently being finalized to facilitate the project's next phases.
**Key Points / Main Content**
**Project Specifications and Governance**
* **Signatories:** The agreement involves HD Korea Shipbuilding & Offshore Engineering (HD KSOE), National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited (NSHIP-TN), and Sagarmala Finance Corporation Limited (SMFCL).
* **Capacity:** The shipyard is designed for an annual output of 2.5 Million GT, serving as the anchor facility for the Thoothukudi Shipbuilding Cluster.
* **Strategic Alignment:** The initiative is a key outcome of the India-ROK ‘VOYAGES’ framework and supports the goal of positioning India among the top five shipbuilding nations by 2047.
**Economic and Industrial Development**
* **Job Creation:** The project is expected to generate approximately 15,000 direct jobs upon stabilization, alongside significant indirect employment in the region.
* **Ecosystem Building:** Beyond construction, the project focuses on developing ancillary manufacturing clusters, localizing supply chains, and adopting green shipping technologies.
* **Skilling:** The collaboration includes workforce skilling initiatives and potential training for Indian professionals at HD KSOE facilities in South Korea.
**Policy and Current Status**
* **Funding Context:** The project follows a ₹70,000 crore government shipbuilding policy package launched in September 2025 to boost global competitiveness.
* **Project Readiness:** The Techno-Economic Feasibility Report (TEFR) is finished, and the National Shipbuilding Mission has granted in-principle approval for the cluster.
* **Market Momentum:** The MoU coincides with rising international interest in Indian shipyards, evidenced by recent vessel orders from global firms like CMA CGM and Swan Energy.
**Impact Analysis**
**Indian Maritime and Shipbuilding Industry**
**Impact**
The industry will see a massive expansion in commercial shipbuilding capacity and gain access to world-class technology, digital shipbuilding processes, and green innovation.
**Action Required**
Industry players should align their operations with the new green shipping standards and explore integration with the emerging ancillary and component manufacturing clusters.
**National Shipbuilding & Heavy Industries Park, Tamil Nadu (NSHIP-TN)**
**Impact**
As the promoter of the shipyard cluster, NSHIP-TN will lead the development of large-scale industrial infrastructure in Thoothukudi.
**Action Required**
Complete the preparation of the Detailed Project Report (DPR) to move the project into the construction and operational phases.
**Regional Workforce in Tamil Nadu**
**Impact**
The local population will benefit from the creation of 15,000 direct jobs and extensive training opportunities in advanced manufacturing and engineering.
**Action Required**
Prospective workers and professionals should engage with upcoming workforce skilling initiatives and maritime training programs.
**Ministry of Ports, Shipping and Waterways (MoPSW) / SMFCL**
**Impact**
The Ministry strengthens its strategic partnership with the Republic of Korea and progresses toward the "Maritime Amrit Kaal Vision 2047" targets.
**Action Required**
Provide continued oversight and financing support through SMFCL to ensure the timely implementation of the Greenfield Shipyard.
Key Entities Referenced
Maritime Amrit Kaal Vision 2047 (MAKV 2047): A national strategic roadmap aiming to position India among the top five global shipbuilding nations with a targeted output of 4.5 Million GT per annum.
India-ROK Comprehensive Framework ‘VOYAGES’: A bilateral framework between India and the Republic of Korea focused on partnership in shipbuilding, shipping, and maritime logistics.
National Shipbuilding Mission: A government initiative that provides approvals and policy support for developing greenfield shipbuilding clusters in India.
Thoothukudi, Tamil Nadu: The central location designated for the development of India’s first Mega Greenfield Shipyard and shipbuilding cluster.
Ministry of Ports, Shipping and Waterways (MoPSW): The primary nodal ministry overseeing the tripartite agreement and the implementation of India's maritime industrial ecosystem.
Ministry of Ports, Shipping and Waterways
Landmark MoU Signed for India’s First Mega
Greenfield Shipyard at Thoothukudi
HD KSOE, NSHIP-TN and SMFCL sign tripartite agreement
for 2.5 Million GT capacity shipyard; major boost to Maritime
Amrit Kaal Vision 2047
Posted On: 13 MAY 2026 4:57PM by PIB Delhi
In a historic development for India’s maritime sector, a tripartite Memorandum of
Understanding (MoU) was signed on 20 April 2026 between HD Korea Shipbuilding &
Offshore Engineering Co., Ltd. (HD KSOE), a global leader in shipbuilding; National
Shipbuilding & Heavy Industries Park, Tamil Nadu Limited (NSHIP-TN), a Special Purpose
Vehicle jointly promoted by V.O. Chidambaranar Port Authority (VoCPA), a Major Port under
the Government of India, and State Industries Promotion Corporation of Tamil Nadu
(SIPCOT) Tamil Nadu, a Tamil Nadu government undertaking; and Sagarmala Finance
Corporation Limited (SMFCL) under the Ministry of Ports, Shipping and Waterways
(MoPSW), for the development of India’s first Mega Greenfield Shipyard at Thoothukudi,
Tamil Nadu.
The MoU was exchanged in the august presence of Minister for Ports, Shipping and
Waterways on 20 April 2026, during State Visit of H.E. Mr. Lee Jae Myung, President of the
Republic of Korea (ROK), to India. The agreement emerged under the India-ROK
Comprehensive Framework ‘VOYAGES’ (Shared Vision for Operation of Yard Assisted Growth
with Efficiency and Scale) for Partnership in Shipbuilding, Shipping and Maritime Logistics,
launched following the meeting between Hon’ble Prime Minister Shri Narendra Modi and
President Lee Jae Myung during the latter’s State Visit to India.
The Thoothukudi Greenfield Shipyard represents one of the earliest implementation outcomes
under the India-ROK maritime cooperation framework and reflects the growing strategic
partnership between the two countries in the maritime domain.
The MoU provides a foundation for the joint development, financing, construction and operation
of a world-class mega shipyard at Thoothukudi with an envisaged annual capacity of 2.5 Million
Gross Tonnage (GT). The project is expected to generate approximately 15,000 direct jobs upon
stabilisation of operations, besides 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 (TEFR) for the project
has already been completed, while preparation of the Detailed Project Report (DPR) is currently
underway. NSHIP-TN has also received In-Principle approval from the National Shipbuilding
Mission, Government of India, for the proposed Greenfield Shipbuilding Cluster at Thoothukudi.India’s Maritime Amrit Kaal Vision 2047 (MAKV 2047) aims to position India among the top five
shipbuilding nations globally, with a targeted shipbuilding output of 4.5 Million GT per annum by
2047. The proposed Thoothukudi facility, with a projected annual capacity of 2.5 Million GT, is
expected to significantly transform India’s commercial shipbuilding landscape and substantially
enhance the country’s current shipbuilding capacity.
Beyond shipbuilding capacity creation, the project is envisaged to catalyse the development of
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 may also facilitate training of Indian shipbuilding
professionals and workers at HD KSOE’s facilities in the Republic of Korea.
In September 2025, the Government of India launched a comprehensive shipbuilding policy
package of approximately ₹70,000 crore as part of four pillar approach of the government,
aimed at accelerating India’s emergence as a globally competitive shipbuilding hub. Since the
launch of the policy package, Indian shipyards have witnessed growing international interest
and order inflows, reflecting increasing confidence in the country’s shipbuilding capabilities and
green technology readiness.
Notably, CMA CGM has placed orders for six 1,700 TEU vessels at Cochin Shipyard Limited
(CSL), 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.
Speaking on the occasion, Shri Sarbananda Sonowal, Union Minister of Ports, Shipping and
Waterways, said: “The signing of this landmark MoU marks a defining moment in our journey
towards becoming a global maritime power under the visionary leadership of Hon’ble Prime
Minister Shri Narendra Modi ji. This partnership under the ‘VOYAGES’ framework will bring
world-class technology, scale, innovation and green shipbuilding capabilities to India. It will not
only transform India’s commercial shipbuilding capacity but also generate thousands of skilled
jobs, catalyse industrial growth and strengthen our maritime ecosystem with global
competitiveness. Thoothukudi will emerge as a strategic maritime and industrial hub for the
world as India advances towards realising the Maritime Amrit Kaal Vision 2047.”
The signing of the MoU marks a major step towards establishing India as a globally competitive
maritime manufacturing nation and reinforces the Government’s commitment to building large-
scale industrial infrastructure through international partnerships, advanced technologies and
sustainable growth.***
Samrat/MI/IY
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