TN to get two new shipyards; Rs 30,000 crore investment, 55,000 jobs

CHENNAI: Thoothukudi is set to become a global hub for ship building as the state government has entered into Memorandums of Understanding (MoU) with Cochin Shipyard Limited and Mazagon Dock Shipbuilders Limited to set up shipyards in the southern city.

Industries minister TRB Rajaa said the state government is focusing on the ship building sector, considering the present geo-political situation in the country.

The development follows an announcement by Chief Minister MK Stalin at the TN Rising - Thoothukudi Conclave, on setting up a dedicated company to promote shipbuilding in the state. "Earlier this month, SIPCOT and VOC Port signed an MoU to form a special purpose vehicle to support shipbuilding in the state, in the background of the upcoming first-ever Tamil Nadu Maritime Transport Manufacturing Policy 2025," Rajaa said.

As per the MoUs finalised on Saturday, at the MoU exchange ceremony of the Transforming Maritime Sector event, two shipyards will come up in Tamil Nadu at an investment of Rs 30,000 crore and generate 55,000 jobs. Cochin Shipyard Limited will invest Rs 15,000 crore to establish a global-scale commercial shipyard, generating over 10,000 jobs (4,000 direct and 6,000 indirect) in the first phase.

Mazagon Dock Shipbuilders Limited will set up another global-scale commercial shipyard with an investment of Rs15,000 crore, creating employment for more than 45,000 people (5,000 direct and 40,000 indirect).

"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," the minister said.

Explaining the investments attracted during the DMK regime, Rajaa said as many as 1,010 MoUs, of a total investment of Rs 11.31 lakh crore and 34 lakh job generation, have been signed so far.