Cochin Shipyard signs vessel development pact with Russian firm

State-owned listed entity, Cochin Shipyard Limited (CSL) has signed a MoU with United Shipbuilding Corporation (USC) to design and develop state-of-art vessel that can be run in Inland and Coastal waterways.

CSL and the Russia-based company will collaborate for the development of River-Sea Cargo Vessels, High-Speed Vessels, Dredgers, Passenger Vessels and other watercrafts for inland waterways and coastal shipping routes. The Memorandum of Understanding (MoU) will give impetus to the Make-in-India programme under SAGARMALA. These watercrafts will provide eco-friendly and economic transportation along India’s inland waterways.

USC, a Russian Joint Stock company with more than 300 years of experience, while CSL has the most modern shipbuilding yard in India. The company provides shipbuilding and repair facilities.

Earlier on January 29, CSL had signed a contract for construction of 16 Tuna Fishing Vessels under the Blue Revolution Scheme of Government of India and the Government of Tamil Nadu. This is a pilot project to attempt to understand the requirements of this sector.

On Friday, the stock of Cochin Shipyard closed at Rs. 520.20 per share, down by 2.80 per cent, on a day when the BSE Sensex closed at 35,066.75, down 839.91 points or 2.34 per cent.