New Delhi, May 14 -- A tripartite Memorandum of Understanding (MoU) has been signed for the development of India's first mega greenfield shipyard at Thoothukudi in Tamil Nadu, marking a major step towards strengthening the country's shipbuilding capacity and maritime infrastructure.

The agreement was signed between HD Korea Shipbuilding & Offshore Engineering, National Shipbuilding & Heavy Industries Park Tamil Nadu Limited and Sagarmala Finance Corporation Limited under the Ministry of Ports, Shipping and Waterways.

The proposed shipyard will have an estimated annual capacity of 2.5 million gross tonnage (GT) and is expected to generate around 15,000 direct jobs after stabilisation of operations, along with substantial indirect employm...