The VOC Port Authority held discussions with HD-Korea Shipbuilding & Offshore Engineering, a Hyundai Group company, to explore the possibility of establishing a shipbuilding facility in Thoothukudi, Tamil Nadu.

The meeting, led by VOC Port Chairperson Susanta Kumar Purohit and senior officials, was facilitated by the Ministry of Ports, Shipping and Waterways, along with Invest India. It follows the Union Budget’s proposal to develop ‘Shipbuilding Clusters’ to enhance ship production capacity through infrastructure development, skill training, and technological advancements.

The Indian government has already announced a Rs 25,000-crore Maritime Development Fund, while the ₹18,000-crore second phase of the Shipbuilding Financial Assistance Policy (SBFA 2.0) awaits Cabinet approval. Additionally, officials from the Shipping Ministry recently visited South Korea and Japan to attract investments in shipbuilding.

With over 4,000 acres of available land, VOC Port is positioned to become a key player in India’s shipbuilding sector. The Indian shipbuilding industry, currently valued at $1.12 billion in 2024—up from $90 million in 2022—remains in its early stages, accounting for less than 1% of the global market.