An MoU between the Andhra Pradesh Economic Development Board and the largest shipbuilding corporation in Russia and Eastern Europe – United Shipbuilding Corporation (USC) was signed.
Some 70% of the naval ships in India, including submarines, have been supplied by the USC and its subsidiaries and partners. This MoU, after months of intense discussion, will pave the way for United Shipbuilding Corporation setting up shipbuilding capabilities in Andhra Pradesh.
Speaking on the occasion, AP Chief Minister N Chandrababu Nidu said, “This is a first step towards a cooperation with Russian Federation that will have long-term advances in job creation, technology absorption and skilling for the State of Andhra Pradesh.”
“Andhra Pradesh and Russia will have to jointly work towards ushering a fourth industrial revolution,” the Chief Minister added. Further, one of the subsidiaries of USC, Sudoexport was studying the inland waterway project and has made exploratory visits to Andhra Pradesh. Another MoU was also signed for manufacturing building material. A tripartite MoU between TechnoNICOL, Sun Group and Andhra Pradesh Economic Development Board was signed today. TechnoNICOL has over 50 manufacturing plants in Russia and one of Russia’s largest building material companies with sales of over one billion USD. TechnoNICOL will set up manufacturing facilities in Andhra Pradesh. (NSS)