Cochin Shipyard (CSL) & Joint Stock Company United Shipbuilding Corporation (USC), Russia signed a Memorandum of Understanding (MoU) to collaborate and engage in Design, Development and Execution of High-End, State-of-Art vessels for Inland and Coastal Waterways.

The signing of the MoU was held at Ministry of Shipping between Madhu S Nair, Chairman & Managing Director, Cochin Shipyard Limited and Mr Alexey Rakhmanov, President, United Shipbuilding Corporation, in the presence of Shri Nitin Gadkari, Hon'ble Minister for Road Transport & Highways, Shipping & Water Resources, River Development & Ganga Rejuvenation, Govt. of India.

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

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.

CSL & USC target to associate in development of High-Speed Vessels, River-Sea Cargo Vessels, Passenger Vessels, Hovercrafts and other watercrafts predominantly for the Indian Waterways. CSL has recently incorporated a JV Company by name 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.

Shares of the company declined Rs 7.10, or 1.36%, to trade at Rs 511.00. The total volume of shares traded was 5,981 at the BSE (9.59 a.m., Monday).