Bhubaneswar, Sept. 1 -- Odisha's proposed shipbuilding cluster in Kendrapara has received in-principle approval from the Centre, clearing a major step for the Rs 24,700 crore project along the Mahanadi riverbank.

The National Shipbuilding and Heavy Industries Park Odisha Ltd (NSHIPOL) received the approval under the Shipbuilding Development Scheme (SbDS) of the Ministry of Ports, Shipping and Waterways, as reported by the Business Standard.

The project is planned along the northern bank of the Mahanadi, opposite the IFFCO plant in Paradip. It is aimed at creating an integrated base for shipbuilding, ship repair and related heavy industries.

The proposed cluster will have one or more large shipyards with a combined annual building capac...