The Cochin Shipyard Limited (CSL) and joint stock company United Shipbuilding Corporation (USC), Russia on February 2, 2018 signed a Memorandum of Understanding (MoU) to collaborate and engage in Design, Development and Execution of modern vessels for Inland and Coastal Waterways.
The MoU was signed by Madhu S Nair, Chairman & Managing Director of Cochin Shipyard Limited and Alexey Rakhmanov, President of United Shipbuilding Corporation.
Highlights of the MoU
• CSL and USC will collaborate for development of High-Speed Vessels, River-Sea Cargo Vessels, Passenger Vessels, Dredgers, and other watercrafts for inland waterways and coastal shipping.
• The MoU will give a push to the Government’s Make-in-India programme as it plans to develop eco-friendly and economic transportation along India’s inland waterways and coastal shipping routes under SAGARMALA Project.
• Once the infrastructure for water based transport is in place, there will be a demand for different kinds of specialized vessels and the MoU is an effort to get ready to cater this demand.
United Shipbuilding Corporation (USC), a Joint Stock company, is the largest shipbuilding holding in Russia. It incorporates about 40 enterprises including shipyards which have been key contributors to the growth of inland waterways in Russia.
On the other hand, CSL has recently incorporated a JV Company called Hooghly Cochin Shipyard Limited (HCSL) at Kolkata, West Bengal with plans of setting up an exclusive facility for construction and repair of vessels for inland and coastal waterways.
Union Budget 2018: Fiscal Expenditure & Taxation Reforms
When: 2 February 2018