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3:19 pm - Saturday February 25, 1797

CSL signs MoU with Russian Firm for development of vessels

Agencies, Kochi

Cochin Shipyard Limited (CSL) and Joint Stock Company United Shipbuilding Corporation (USC), Russia have signed a Memorandum of Understanding (MoU) to collaborate and engage in Design, Development and Execution of contemporary, state-of-art vessels for Inland and Coastal Waterways.

The MoU was signed by CSL Chairman and Managing Director Madhu S Nair and United shipbuilding corporation president Alexey Rakhmanov, in the presence of Union Shipping, Road Transport and Highways Minister Nitin Gadkari in New Delhi yesterday.

The 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, a CSL release said here on Friday.

The MoU would give a push to the Government’s Make-in-India programme, as also its plans to develop eco-friendly and economic transportation along India’s inland waterways and coastal shipping routes under SAGARMALA.

Once the infrastructure for water based transport is in place there will be a demand for different kinds of specialized vessels in the near and medium term, it said adding that the MoU was an effort to get ready to cater to this demand.

Speaking on the occasion, Mr Gadkari said, “There is a huge potential in inland waterways, cruise tourism and RO-RO transportation in the country. This collaboration would certainly bring in the much needed product as well as market innovation while harnessing newer technologies.”

USC, a Joint Stock company is the largest shipbuilding holding in Russia incorporating about 40 enterprises including shipyards, with more than 300 years of experience, which have been key contributors to the growth of inland waterways in Russia.

CSL had recently incorporated a JV Company called HCSL (Hooghly Cochin Shipyard Limited) at Kolkata, West Bengal, with plans of setting up an exclusive facility for construction and repair of vessels for inland and coastal waterways.

CSL’s capacity augmentation will help capture the growth and employment opportunities that will open up from the development of inland waterways and coastal shipping in the country, it added.

Posted in: Business

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