New Delhi, May 13 -- India has signed a tripartite memorandum of understanding (MoU) for the development of its first mega greenfield shipyard at Thoothukudi, with an envisaged annual capacity of 2.5 million gross tonnage, in a move aimed at strengthening the country's shipbuilding sector under the Maritime Amrit Kaal Vision 2047.

According to a press release issued by the Ministry of Ports, Shipping and Waterways, the MoU was signed on April 20 between HD Korea Shipbuilding & Offshore Engineering, National Shipbuilding & Heavy Industries Park, Tamil Nadu Limited and Sagarmala Finance Corporation Limited for setting up the shipyard in Tamil Nadu.

The agreement was exchanged in the presence of Union Minister Sarbananda Sonowal during the...