The Tamil Nadu Government signed an MoU with Goodearth Maritime for building a shipbuilding yard at Cuddalore.
Chief Minister M Karunanidhi signed the agreement with the company's chairman at the secretariat.
The company will begin the first phase of work at an estimated cost of Rs 500 crores and it will be completed in three years. This will provide direct employment to 5,000 people and indirect employment for 20,000 people, an official release said.
The firm had sought the state government's permission for constructing a shipbuilding yard when its representatives met the chief minister on November 7, 2006.
Source: The Hindu News