CHENNAI: Tamil Nadu has attracted investments worth Rs 30,000 crore by signing two MoUs for setting up greenfield commercial shipyards in Thoothukudi district, a move expected to create around 55,000 jobs, Industries Minister Dr TRB Rajaa said on Saturday.
As per the first MoU, Cochin Shipyard Ltd will invest Rs 15,000 crore to set up a global-scale commercial shipyard, which would generate 10,000 jobs (4,000 direct and 6,000 indirect) in the first phase.
The second MoU is with Mumbai-based Mazagon Dock Shipbuilders Ltd (MDL) which would set up a shipyard at an investment of 15,000 crore and provide employment for more than 45,000 people (5,000 direct and 40,000 indirect), Rajaa said. It was signed at the MoU exchange ceremony of the Transforming Maritime Sector on Saturday.
‘Shipyards will strengthen coastal infra’
The agreements will anchor the state’s first Maritime Transport Manufacturing Policy. The minister later told reporters that the state’s maritime policy will be unveiled once the union government comes out with its own policy.
The minister recalled Chief Minister M K Stalin’s speech at the TN Rising-Tuticorin conclave in August, where he pledged to establish a company to promote shipbuilding. After the announcement, State Industries Promotion Corporation of Tamil Nadu and V O Chidambaranar Port Authority signed an agreement in September to form a special purpose vehicle to promote shipbuilding in TN, the minister said in a post on X. The two shipyards would bring cutting-edge shipbuilding technology, strengthen coastal infrastructure and attract ancillary industries, from marine equipment makers to logistics providers, the minister said.