Special Correspondent

CHENNAI: The first phase of the ambitious ship building and repair yard off Chennai, slated to be the largest in Asia, will be ready next year.

Making this announcement in the Assembly here on Monday, Deputy Chief Minister M.K. Stalin said more than 10,000 persons would get jobs because of the project. The total cost of phase one was Rs.3,375 crore and total investment, Rs.4,675 crore.

A joint venture of Larsen and Toubro and TIDCO, the ship building yard was coming up at Kattupalli in Tiruvallur district. It would build very large cargo carriers, specialised cargo ships for liquid/gas transportation and cruise vessels, defence ships and submarines and off-shore platforms for oil/gas sectors.

It would also undertake refitting and re-engineering of commercial and defence ships and heavy engineering fabrication and components production for ship building.

Mr. Stalin said the petroleum refinery project of Nagarjuna Oil Corporation Limited (6 million tonnes per annum capacity; Rs.6960 crore investment) would be commissioned by the end of 2011.