The 35-foot statue at the Rajkot Fort in Sindhudurg district collapsed around 1 pm on Monday.
"The Indian Navy notes with deep concern the damage caused this morning to the statue of Chhatrapati
"Along with the state government and concerned specialists, the Navy has deputed a team to immediately investigate the cause of this unfortunate accident and initiate steps to repair, restore and reinstate the statue at the earliest," it added.
As the collapse of the statue caused an embarrassment to the state government, Chief Minister Eknath Shinde vowed to rebuild the structure.
He said the statue was designed and constructed by the Indian Navy.
"The wind was blowing at a speed of 45 kilometres per hour, which caused the statue to fall. It is very unfortunate that the statue has fallen as it was designed and built by the Navy," he said.
"Our guardian minister (Ravindra Chavan) has arrived at the spot to assess the situation, and we will rebuild this statue even stronger. Navy officials will also take part in the rebuilding efforts," he said.