In a big development, government controlled Cochin Shipyard Limited has signed an agreement with a Russian firm to jointly design and produce inland and coastal ships. The agreement will support India’s Sagar Mala program.
The 8 Lakh Crore Sagar Mala project is aimed at providing transporting of goods via coastal sea and rivers. This will be cheaper compared to road and rail transportation.
Joint Stock Company United Shipbuilding Corporation (USC) of Russia is the largest shipbuilding holding company of Russia which will be building and manufacturing the vessels with Cochin Shipyard Limited in India.
“The signing of this MoU between CSL and USC is seen as an important step that will open the way to the wider participation of these organizations in the large-scale programme of the Government of India to boost transportation & trade along India’s Inland waterways under Sagarmala & Make-in-India programmes,” Cochin Shipyard said in a statement.
The move will boost India’s export potential and transportation, which also includes transportation of troops at the time of emergency.