CHENNAI: Tamil Nadu’s Industries Minister Dr T.R.B. Rajaa on Saturday said the state is poised to become a global hub for shipbuilding after signing two “ultra mega” investment agreements worth a combined Rs 30,000 crore to set up greenfield commercial shipyards in the state.
The agreements, signed with Cochin Shipyard Limited and Mazagon Dock Shipbuilders Limited, are expected to generate 55,000 jobs and anchor the state’s first Maritime Transport Manufacturing Policy, which is due later this year.
Cochin Shipyard will invest Rs 15,000 crore to build a greenfield commercial shipyard capable of handling large-scale global orders, creating more than 10,000 jobs (4,000 direct and 6,000 indirect) in its first phase.
Mazagon Dock will match the investment, setting up a second facility that is projected to employ over 45,000 people (5,000 direct and 40,000 indirect), mostly in the surrounding ecosystem.
“These projects signal Tamil Nadu’s rise as India’s maritime manufacturing powerhouse,” Rajaa said in a post on social media.
Earlier this month, the state industrial promotion agency SIPCOT and V.O. Chidambaranar Port signed a memorandum of understanding to form a special purpose vehicle to promote shipbuilding, providing the institutional framework for the new policy.
The two shipyards are expected to bring cutting-edge shipbuilding technology, strengthen coastal infrastructure and attract ancillary industries ranging from marine equipment manufacturers to logistics providers, the minister said.