TN signs two MoUs worth Rs 30,000 crore to set up two greenfield commercial shipyards in state

CHENNAI: The Tamil Nadu govt on Saturday signed two mega MoUs worth Rs 30,000 crore with Cochin Shipyard Ltd and Mazagon Dock Shipbuilders Ltd to set up two greenfield commercial shipyards in the state expected to generate employment for 55,000 people, industries minister T R B Rajaa announced on X.

Detailing the investments, Rajaa said Cochin Shipyard Ltd would invest Rs 15,000 crore to establish a global-scale commercial shipyard, generating more than 10,000 jobs (4,000 direct and 6,000 indirect) in the first phase. Mazagon Dock Shipbuilders Ltd will set up another global-scale commercial shipyard with an investment of Rs 15,000 crore, creating employment for more than 45,000 people (5,000 direct and 40,000 indirect), Rajaa added.

"These MoUs mark a pivotal move in advancing India’s maritime infrastructure and technological capabilities. 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," Rajaa said.

Darez Ahamed, MD of Guidance Tamil Nadu, exchanged the MoUs with representatives of both shipping companies at the Samudra Se Samriddhi event at Bhavnagar, Gujarat.

At the secretariat here, Rajaa told reporters that the total investments under DMK govt crossed Rs 11 lakh crore and job creation has surpassed 34 lakhs. Rajaa said both shipyards plan to invest in Tuticorin and, through these MoUs, MSMEs related to shipbuilding ancillary industries will experience significant growth in the region.

Rajaa said, “Maritime sector is key for country's safety and security. Under current geopolitical scenario, our CM feels that such a large shipbuilding sector in Tamil Nadu is vital for the entire country.”

Stalin had announced a dedicated company to promote shipbuilding in TN. Earlier this month, SIPCOT and VoC Port in Tuticorin signed an MoU for formation of a special purpose vehicle to support development of shipbuilding in TN against the background of the upcoming first-ever Tamil Nadu Maritime Transport Manufacturing Policy 2025.