Larsen & Toubro (L&T) and Tamil Nadu Industrial Development Corporation (TIDCO) signed a joint venture agreement to set up an integrated shipyard complex and port facility near Chennai. The partners will invest an estimated Rs 3,000 crore in the new facility, which will come up at Kattupalli village near Ennore in Tiruvallur district of Tamil Nadu. The JV agreement was signed in Chennai today in the presence of Tamil Nadu Chief Minister M Karunanidhi and L&T chairman and managing director A M Naik. Later, in a press release, L&T said the feasibility report for the project has been completed, and necessary environmental studies are under progress. Construction is likely to start by the end of 2008, and the project will be completed in 24 months, the release added. The shipyard complex will build commercial ships like very large cargo carriers (VLCCs), specialised cargo ships for liquid and gas transportation and cruise vessels. It will also have the capability to build defence vessels, offshore platforms and floating production-cum-storage facilities for the oil and gas sector. The shipyard will also have facilities for refitting and re-engineering of commercial and defence vessels, and heavy engineering fabrication and components production for ship building purposes. The shipyard complex will promote several ancillary units for manufacture of components and spares for this shipyard, and for exports. When it becomes operational, the shipyard will become a nucleus for the heavy engineering industry (for fabrication and component manufacturing), the release added.
