MoU Signed for India’s First Mega Greenfield Shipyard at Thoothukudi

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 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.

Speaking on the occasion, 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.(UPDATED ON 13TH MAY 2026)