Tamil Nadu Announces Rs 30,000 Crore Shipbuilding Investments, Will Generate Over 55,000 Jobs

Tamil Nadu Announces Rs 30,000 Crore Shipbuilding Investments, Will Generate Over 55,000 Jobs

These initiatives follow the state government's establishment of a specialized company dedicated to promoting the shipbuilding industry.

Chennai:

Tamil Nadu revealed on Saturday a significant advancement in its strategy to become a global shipbuilding center, with two massive projects valued at Rs 30,000 crore scheduled for development in the state. These investments, formalized through Memorandums of Understanding signed at the Transforming Maritime Sector event in Thoothukudi, are projected to create more than 55,000 employment opportunities.

Cochin Shipyard Limited will construct a state-of-the-art commercial shipyard with an investment of Rs 15,000 crore, generating 10,000 jobs initially (4,000 direct and 6,000 indirect positions). Likewise, Mazagon Dock Shipbuilders Limited will establish another international-scale shipyard with an identical investment of Rs 15,000 crore, providing over 45,000 jobs (5,000 direct and 40,000 indirect positions).

These developments follow the state government's creation of a dedicated entity to enhance shipbuilding activities, alongside the forthcoming Tamil Nadu Maritime Transport Manufacturing Policy 2025. Earlier this month, SIPCOT and V.O.C. Port entered into an agreement to form a special purpose vehicle to facilitate shipbuilding development.

Commenting on the achievement, Tamil Nadu Industries Minister T.R.B. Rajaa stated, "We are extremely pleased that the Government of Tamil Nadu and the Union Government have collaborated to bring Cochin Shipyard Limited to Tamil Nadu. I anticipate working with additional shipyards and expanding shipbuilding operations throughout the state. With both Cochin Shipyard and Mazagon Dock, we now expect approximately 55,000 jobs for Tamil Nadu."

Officials indicated that these projects represent an essential step in enhancing India's maritime infrastructure and technology while supporting Tamil Nadu's economic development and sustainability objectives.