South Korea’s HD Hyundai Heavy Industries has moved closer to building a $4 billion greenfield shipyard in Thoothukudi, Tamil Nadu, after signing a memorandum of understanding in New Delhi, on April 20, 2026. The agreement involves HD Korea Shipbuilding & Offshore Engineering, the National Shipbuilding & Heavy Industries Park (NSHIP), and Sagarmala Finance Corporation.
It aligns with India’s ambition to rank among the world’s top shipbuilders by 2030 and 2047. Backed by government incentives and policy support, the initiative aims to strengthen domestic shipbuilding capacity, attract global partnerships, and accelerate development of a competitive maritime ecosystem.