The three boats with totally 19 men on board were intercepted by the coast guard ship 'Varaha' in the Indian territorial waters about seven nautical miles off Minicoy on March 5.
Vizhinjam on Monday was witness to the marine phenomenon of chakara (mudbank formation) when large number of fish are found near the coast.
Estimated to cost Rs 1,030 crore, the work has been awarded to the Konkan Rail Corporation for a tender period of 42 months.
The Japan-manufactured vessel sank at Pullumuttu in 1995. A team of scuba divers from Kovalam had discovered the wreckage around a year ago.
Groyne, known in Malayalam as 'pulimuttu', is a low wall or barrier built out into the sea from a beach to check erosion and drifting.
The men survived on their own for three days and managed to come back solely because a malfunctioning boat engine restarted.
The high-speed vessel is getting spruced up for its maiden trip from Kochi.
Storms have also destroyed about 30 per cent of the area recovered from the sea for the work, according to authorities.
This is not a photoshop trick. A new statue, a replica of the famed Christ the Redeemer, overlooking the Arabian sea, at the Vizhinjam harbor, was recently consecrated.