The tripartite agreement brings together HD Korea Shipbuilding & Offshore Engineering (HD KSOE), National Shipbuilding & Heavy Industries Park Tamil Nadu Limited (NSHIP-TN), and Sagarmala Finance Corporation Limited (SMFCL) under the Ministry of Ports, Shipping and Waterways. The agreement was exchanged in the presence of Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal during the State Visit of Republic of Korea President Lee Jae Myung to India.
The proposed mega shipyard at Thoothukudi is envisaged to have an annual shipbuilding capacity of 2.5 million Gross Tonnage (GT), making it one of the largest shipbuilding facilities in the country. The project is expected to generate nearly 15,000 direct jobs while also creating substantial indirect employment opportunities across Tamil Nadu and surrounding regions.
The initiative forms one of the earliest implementation outcomes under the India–Republic of Korea maritime cooperation framework “VOYAGES” — Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale. The collaboration aims to bring advanced shipbuilding technologies, green manufacturing practices and digital shipbuilding systems to India’s maritime sector.
Officials stated that the project will serve as the anchor facility of the proposed Thoothukudi Shipbuilding Cluster being developed by NSHIP-TN. While the Techno-Economic Feasibility Report (TEFR) has already been completed, preparation of the Detailed Project Report (DPR) is currently underway. The project has also secured in-principle approval under the National Shipbuilding Mission.
The mega shipyard is aligned with India’s Maritime Amrit Kaal Vision 2047, which seeks to place India among the top five shipbuilding nations globally with a targeted shipbuilding output of 4.5 million GT annually by 2047. Experts believe the Thoothukudi facility alone could dramatically reshape India’s commercial shipbuilding landscape and accelerate the growth of a robust maritime industrial ecosystem in the country.
Speaking on the occasion, Minister Sarbananda Sonowal described the agreement as a defining moment in India’s journey towards becoming a global maritime power. He said the partnership would catalyse industrial growth, generate skilled employment and transform Thoothukudi into a strategic maritime and industrial hub of international significance.
