Business News | India Signs Tripartite MoU for First Mega Greenfield Shipyard in Tamil Nadu's Thoothukudi
Get latest articles and stories on Business at LatestLY. 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.
New Delhi [India], May 13 (ANI): 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 state visit of the President of the Republic of Korea, Lee Jae Myung, to India.
The project has been taken up under the India-Republic of Korea maritime cooperation framework 'VOYAGES', launched following the meeting between Narendra Modi and Lee Jae Myung during the South Korean President's state visit.
The proposed shipyard is expected to serve as the anchor facility of the Thoothukudi Shipbuilding Cluster being developed by NSHIP-TN. The ministry said the techno-economic feasibility report has been completed, while preparation of the detailed project report is underway.
The project is expected to generate around 15,000 direct jobs after operations stabilise, apart from indirect employment opportunities in Tamil Nadu and nearby regions.
The ministry said the facility is expected to significantly increase India's shipbuilding capacity, as the Maritime Amrit Kaal Vision 2047 aims to place India among the top five shipbuilding nations globally, with a targeted output of 4.5 million GT per annum by 2047.
Speaking on the development, Sonowal said, "The signing of this landmark MoU marks a defining moment in our journey towards becoming a global maritime power."
He added, "This partnership under the 'VOYAGES' framework will bring world-class technology, scale, innovation and green shipbuilding capabilities to India." (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)