In a historic development for India's maritime sector, HD Korea Shipbuilding and Offshore Engineering Co. Ltd. (HD KSOE), a global leader in the shipping sector; V.O. Port, the principal port of the Government of India; National Shipbuilding and Heavy Industries Park, Tamil Nadu Limited (NSHIP-TN), jointly promoted by the Chidambaranar Port Authority (VOCPA); and, the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), Tamil Nadu, a Government of Tamil Nadu undertaking; and Sagarmala Finance Corporation Limited (SMFCL) under the Ministry of Ports, Shipping and Waterways signed a tripartite MoU for the development of India's first mega greenfield shipyard at Thoothukudi, in Tamil Nadu.

The MoU was exchanged in the presence of Minister of Ports, Shipping, and Waterways on the 20^th of April, 2026 during the visit of President of Republic of Korea H.E. Lee Jae Myung to India. The Thoothukudi Greenfield Shipyard, with an estimated annual capacity of 2.5 million GT, is one of the earliest implementable outcomes under the India-Korea Maritime Cooperation framework.

The MoU provides the basis for joint development, financing, construction, and operation of a world-class mega shipyard at Thoothukudi with a capacity of 2.5 million Gross Tonne per annum. The project is expected to generate approximately 15,000 direct employments on stabilization of operations and generate substantial indirect employment opportunities in the entire Tamil Nadu and surrounding regions.