CHENNAI: In a move to transform Tamil Nadu into a global maritime and shipbuilding hub, the State government will soon unveil the ‘Tamil Nadu Shipbuilding Policy’, with a major Rs 5,200 crore shipbuilding cluster set to be established in Thoothukudi.
Presenting the Interim Budget, Finance Minister Thangam Thennarasu announced that the upcoming TN Shipbuilding Policy is aimed at attracting large scale investments in shipbuilding and marine ancillary manufacturing.
The policy is expected to provide a comprehensive framework to promote infrastructure creation,
The announcement is part of TN’s broader industrial growth strategy aimed at achieving a $1 trillion economy by 2030 private participation, and global partnerships in the sector.
As part of this ambitious initiative, SIPCOT, in association with the VO Chidambaranar (VOC) Port Authority, will establish a shipbuilding cluster at Thoothukudi at a cost of Rs 5,200 crore through a Special Purpose Vehicle (SPV). The cluster is envisioned as an industrial ecosystem catering to shipbuilding, ship repair, and allied marine industries.
The government has already signed MoUs with leading shipbuilding companies, including Union government’s Public Sector Undertakings and a prominent global shipbuilding firm. These agreements entail investment commitments of around Rs 30,000 crore, indicating strong investor confidence in Tamil Nadu’s maritime potential.
The announcement is part of the State’s broader industrial growth strategy aimed at achieving a $1 trillion economy by 2030.
The Interim Budget has allocated Rs 4,282 crore to the Industries, Investment Promotion and Commerce Department, underscoring the government’s strong commitment to industrialisation.
With the proposed shipbuilding policy and Thoothukudi cluster, Tamil Nadu aims to strengthen its position as a leading manufacturing, export, and maritime powerhouse in India.