Kochi: The Cochin Shipyard Limited (CSL) and a Russia-based firm have signed a memorandum of understanding (MoU) to collaborate and engage in design, development and execution of contemporary state-of-the-art vessels for inland and coastal waterways in the country.
CSL chairman and managing director Madhu S Nair and president of United Shipbuilding Corporation (USC) Alexey Rakhmanov inked the MoU in the presence of Union Transport, Highways and Shipping Minister in New Delhi on Thursday, an official release said here.
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, it said.
The MoU will give a push to the governments 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", it said.
Once the infrastructure for water based transport was in place there will be a demand for different kinds of specialized vessels in the near and medium term.
The MoU is an effort to get ready to cater to this demand, the release said.
Speaking on the occasion, Gadkari said there was 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," he added.
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, the release said.
CSL, a Mini Ratna company under the Ministry of Shipping, is the largest shipbuilding and repair facility in the country.