Tripartite Memorandum of Understanding signed on 20 April 2026 between HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE), National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited (NSHIP-TN), and Sagarmala Finance Corporation Limited (SMFCL)
NSHIP-TN is a Special Purpose Vehicle jointly promoted by V.O. Chidambaranar Port Authority (VoCPA) and State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Tamil Nadu
Project location: Thoothukudi, Tamil Nadu
Envisaged annual capacity: 2.5 Million Gross Tonnage (GT)
Expected job creation: Approximately 15,000 direct jobs upon stabilization of operations
Substantial indirect employment opportunities expected across Tamil Nadu and surrounding region
Project is part of India-ROK Comprehensive Framework 'VOYAGES' (Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale)
Agreement signed during State Visit of H.E. Mr. Lee Jae Myung, President of the Republic of Korea (ROK), to India
Techno-Economic Feasibility Report (TEFR) for the project has been completed
Detailed Project Report (DPR) preparation is currently underway
NSHIP-TN has received In-Principle approval from the National Shipbuilding Mission, Government of India
Project supports India's Maritime Amrit Kaal Vision 2047 (MAKV 2047) target of 4.5 Million GT per annum shipbuilding output by 2047
Government of India launched comprehensive shipbuilding policy package of approximately ₹70,000 crore in September 2025
Recent international orders: CMA CGM placed orders for six 1,700 TEU vessels at Cochin Shipyard Limited (CSL)
Swan Defence and Heavy Industries Limited (SDHI) secured international orders for six chemical tankers from Norway and four ammonia-powered Kamsarmax bulk carriers from the United Kingdom
Project will include ancillary and component manufacturing clusters, localization of marine equipment and engineering supply chains, workforce skilling initiatives
Collaboration may facilitate training of Indian shipbuilding professionals at HD KSOE's facilities in the Republic of Korea
