Deal signed during South Korean President’s visit strengthens India’s global shipbuilding push.

Hyundai’s $4 Billion Shipyard Plan in Tamil Nadu Gains Momentum with New MoU.

South Korea’s HD Hyundai Heavy Industries, the world’s largest shipbuilder, has moved closer to establishing a $4 billion greenfield shipyard at Thoothukudi after signing a non-binding MoU on April 20 in New Delhi. The agreement was inked during the state visit of Lee Jae Myung. The MoU brings together HD Korea Shipbuilding & Offshore Engineering, the National Shipbuilding & Heavy Industries Park, Tamil Nadu, and the Maritime Development Fund, represented by Sagarmala Finance Corporation Ltd. The project aligns with India’s ambition to become a top-10 shipbuilding nation by 2030 and top five by 2047. HD Hyundai is expected to be the anchor shipyard for the Thoothukudi cluster, which has received in-principle approval from the National Shipbuilding Mission. Once onboarded, the project is expected to accelerate rapidly, supported by central and state incentives and a strong India–South Korea industrial partnership.