The vessels ordered will have the capacity to carry 400 passengers and 250 tonnes of cargo.
"These two new vessels will also be deployed to cater to the increased traffic en-route from the mainland (Cochin, India) to UTL Islands, as well as in the inter-island routes," it said.
"The enhanced passenger capacity is expected to ease the movement of passengers especially during peak season."
The vessels will be designed by ship design firm, GL Noble Denton of Norway, previous known as Brevik Engineering, meeting class rules of Lloyd's Register of Shipping and the Indian Register of Shipping.
The passengers will have different categories of accommodation with 10 first class, 40 second class and 350 normal class passenger transportation facilities, the statement said.