India, May 13 -- India has taken a major step toward strengthening its maritime manufacturing capabilities with the signing of a tripartite Memorandum of Understanding (MoU) for the development of the country's first mega greenfield shipyard at Thoothukudi.
The agreement was signed 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 under the Ministry of Ports, Shipping and Waterways. The MoU was exchanged during the state visit of South Korean President Lee Jae Myung to India.
The proposed facility is expected to have an annual shipbuilding capacity of 2.5 million gross tonnage (GT) and generate aro...