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The operation is being monitored by Mangalore Refinery and Petrochemicals Limited (MRPL), which had contracted the vessel owned by Underwater Services Company Limited.
The company has given the contract to Yojak company for the operation to rescue the tug.
Sources said the tug will first be secured with iron ropes so that it does not shift from the current position.
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The ‘Alliance’ vessel had eight occupants on board when it capsized.
Two of them died, while three swam ashore with the help of life jackets.
The remaining three are missing.
The three missing people are chief officer Ashfaq Ali Khalpe, seaman driver S K Mainuddin Haqa and diver Pawan Chand Katoch.