The Tata Group has applied for approval to invest 100 billion rupees (around $1 billion) in a shipbuilding venture in Kerala, state's chief minister said in an interview to Bloomberg. Kerala Chief Minister V.D. Satheesan said in an interview at Thiruvananthapuram that the conglomerate is prepared to invest in shipbuilding and that the state government would provide the necessary land, according to the report. Satheesan added that the state administration is favourably considering the proposal and expects to approve it within a month, Bloomberg said.