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

A tripartite Memorandum of Understanding was signed on 20 April 2026 for the development of India’s first Mega Greenfield Shipyard at Thoothukudi under the India-Korea maritime cooperation framework ‘VOYAGES’ (Vision for Operation of Yard Assisted Growth with Efficiency and Scale).

The initiative emerged following discussions between Narendra Modi and Lee Jae Myung during the latter’s State Visit to India, reflecting growing maritime cooperation between India and the South Korea.

The proposed shipyard will be jointly developed, financed and operated with an envisaged annual capacity of 2.5 million Gross Tonnage (GT), making it a major addition to India’s shipbuilding infrastructure.

The project is expected to generate around 15,000 direct jobs after stabilisation of operations, besides creating substantial indirect employment opportunities across Tamil Nadu and nearby regions.

Source: PIB