HD KSOE, NSHIP-TN, SMFCL sign pact for 2.5-mn GT capacity shipyard in TN

New Delhi, May 13 (PTI) HD Korea Shipbuilding and Offshore Engineering, National Shipbuilding and Heavy Industries Park Tamil Nadu Limited and Sagarmala Finance Corporation have signed a tripartite agreement for the development of a mega greenfield Shipyard in Thoothukudi.

According to an official statement, the memorandum of understanding (MoU) was signed on April 20, 2026, during the visit to India of South Korea President Lee Jae Myung.

HD Korea Shipbuilding & Offshore Engineering Ltd (HD KSOE) is a global leader in shipbuilding. National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited (NSHIP-TN) is a special purpose vehicle, jointly promoted by VO Chidambaranar Port Authority (VoCPA) and State Industries Promotion Corporation of Tamil Nadu (SIPCOT).

The Thoothukudi Greenfield Shipyard represents one of the earliest implementation outcomes under the India-South Korea maritime cooperation framework and reflects the growing strategic partnership between the two countries in the sector.

“The MoU provides a foundation for the joint development, financing, construction and operation of a world-class mega shipyard at Thoothukudi (Tamil Nadu), with an envisaged annual capacity of 2.5 million gross tonnage (GT),” the statement said.

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 in Thoothukudi.

India’s Maritime Amrit Kaal Vision 2047 (MAKV 2047) aims to position the country among the top five shipbuilding nations globally, with a targeted shipbuilding output of 4.5 million GT per annum by 2047. PTI BKS BKS BAL BAL