Good Earth Maritime Ltd will build a shipyard at Cuddalore in Tamil Nadu, with an investment of Rs 1,000 crore. The company has floated a special purpose vehicle (SPV)- Good Earth Shipbuilding Pvt Ltd-for the purpose. Tamil Nadu Maritime Board, in presence of Tamil Nadu chief minister M Karunanidhi, signed a memorandum of understanding (MoU) with the new company at the state secretariat here on Thursday.
The project will be implemented in two phases and an amount of Rs 500 crore will be invested in the first phase. “The plan is to build ships with 45,000 dwt to 80,000 dwt, S Madhan, managing director of the company told FE.
Ship building is scheduled to begin in three years. He said Good Earth was part of a large trading group dealing with granite, iron ore and other minerals.
The company has vessels that tramp globally and carry coal for the Tamil Nadu Electricity Board (TNEB).
The project will be implemented in two phases and an amount of Rs 500 crore will be invested in the first phase. “The plan is to build ships with 45,000 dwt to 80,000 dwt, S Madhan, managing director of the company told FE.
Ship building is scheduled to begin in three years. He said Good Earth was part of a large trading group dealing with granite, iron ore and other minerals.
The company has vessels that tramp globally and carry coal for the Tamil Nadu Electricity Board (TNEB).