Cochin Shipyard inks pact with Russia's USC to boost water transport, Nitin Gadkari

New Delhi/Urban Transport News: Union Minister Nitin Gadkari said that Cochin Shipyard has inked a pact with Russian firm United Shipbuilding Corporation (USC) to boost water transportation in India. Calling on Russian investors to tap the vast opportunities in India's infrastructure space, India has huge potential and appetite for innovation in the field, said Gadkari.

The USC will engage in the development of the state-of-the-art vessels for inland and coastal waterways in the country, according to MoU between the two entities. He said that the state-owned CSL is now planning to make a joint venture with Russian company USC it has already been formalized. The CSL and USC aim to develop high-speed vessels, river-sea cargo vessels, passenger vessels, dredgers, and other watercraft for inland waterways and coastal shipping in India.

The MoU will also push government's Make in India programme, as also its plans to develop eco-friendly and economic transportation under Sagarmala, a port-led development project. Mr. Gadkari also said that there is a huge potential in inland waterways, cruise tourism and RO-RO transportation in the country and the collaboration would certainly bring in the much-needed products as well as market innovation while harnessing newer technologies.

He further said that the 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. The Rs 5,500 crore projects on Ganga with the help of the World Bank will be completed soon. There are also very huge opportunities for catamarans, hovercrafts, and seaplanes. There were also talks on with Russia for using satellite for tolling. Russia is also welcome to invest in road projects with good internal rates of return said Gadkari. The Ministry said that with Russia we have a good relationship for the last many years and Russian companies interested are welcome to invest in the infrastructure space.