HD Hyundai Chooses Tamil Nadu’s Thoothukudi for Multi-Billion-Dollar Shipyard Project.

South Korea’s HD Hyundai, one of the world’s largest shipbuilders, is set to invest in a major shipyard in Tamil Nadu’s coastal district of Thoothukudi, giving a significant boost to India’s shipbuilding ambitions and reinforcing the state’s position as a leading investment destination. Though the company has not formally disclosed the scale of the investment, sources indicate it could exceed $2 billion.

The project was initially known within HD Hyundai as the “SMITH Project” - Shipbuilding Make in India Together with Hyundai - aimed at deepening cooperation with India. “But today, standing here in Tamil Nadu, I believe it is time to say: Shipbuilding ‘Make in Tamil Nadu’ with Hyundai,” said Hannae Choi, Vice President and Head of the Corporate Planning Division at HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a core arm of the HD Hyundai group. Choi made the announcement at the Tamil Nadu Investment Conclave 2025 in Madurai on Sunday.

At the conclave, Choi led a delegation of HD KSOE officials in signing an MoU with Guidance Tamil Nadu Managing Director Darez Ahmed. The agreement was signed in the presence of Chief Minister M.K. Stalin, marking a key step toward establishing the proposed shipyard.