Mazagon Dock Shipbuilders Inks MoU with Tamil Nadu Government for New Shipyard

Mazagon Dock Shipbuilders Ltd., a public sector undertaking under the Ministry of Defence, has signed a Memorandum of Understanding (MoU) with Guidance Tamil Nadu, the state's nodal agency for investment promotion. The agreement aims to explore the feasibility of developing a new, world-class greenfield shipyard on India's eastern coast.

The MoU, signed on September 19, aligns with the Indian government's "Maritime Amrit Kaal Vision 2047," a 25-year strategic plan designed to establish India as a global maritime leader. This vision, spearheaded by the Ministry of Ports, Shipping and Waterways, outlines a massive investment of approximately Rs 80 lakh crore over the next 25 years to transform the country's ports, shipping, inland waterways, and maritime logistics infrastructure.

This strategic move by Mazagon Dock Shipbuilders comes at a time of mixed financial results. In the first quarter of fiscal year 2026, the company's consolidated net profit dropped by 35% to Rs 452.15 crore, despite a rise in revenue from operations by 11.4% year-on-year to Rs 2,625.59 crore. The company's stock has also seen recent trading fluctuations, with its scrip rising 0.49% to Rs 2,953.90 on the NSE.