TN Secures Rs 30,000 Cr Shipbuilding Investment

Chennai, Sep 20 (PTI) Tamil Nadu has attracted investments worth Rs 30,000 crore to set up two shipyards in Tuticorin district, a move expected to see creation of around 55,000 jobs, Minister for Industries TRB Rajaa said on Saturday.

The Minister recalled Chief Minister M K Stalin's comments at the TN Rising-Tuticorin conclave in August, where he pledged to esablsih a company to promote shipbuilding sector in the state.

Following the announcement, State Industries Promotion Corporation of Tamil Nadu (SIPCOT) and V O Chidambaranar Port Authority signed a Memorandum of Understanding in September, Rajaa said in a social media post on Saturday.

"Today (September 20), a historic milestone has been achieved with the signing of two Ultra Mega MoUs to establish two world-class Greenfield commercial shipyards in Tamil Nadu, with an investment of Rs 30,000 crore and generating employment for 55,000 people," the DMK leader said.

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 over 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 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), he said.

Later, speaking to reporters at the Secretariat, the Minister said the industries department has been recording "historic growth" under the Chief Minister M K Stalin's rule in Tamil Nadu.

"The Two commercial shipyards are planned to be established in Tuticorin."

Pointing out that Tamil Nadu leads in many sectors like automobiles, electronics, auto-components, Rajaa said the CM has directed the government to give a push to new sectors like shipbuilding. "Last one and half years we have been trying to push this sector in a big way and now, we have secured these two historic projects," he said.

Top officials of Guidance Tamil Nadu and Cochin Shipyard Ltd, Mazagon Dock Shipbuilders Ltd exchanged documents as part of the signing of the MoUs, he said, responding to a query.

The two MoUs mark a pivotal role in advancing India's maritime infrastructure and technological capabilities, he said.

"Together, these two ultra mega projects mark Tamil Nadu's emergence as a global hub for shipbuilding and maritime innovation, unlocking unprecedented opportunities for economic growth, job creation and sustainability in the sector," he noted.