Vijayawada: Russia's United Shipbuilding Corporation (USC) on Wednesday entered into an MoU with Andhra Pradesh Economic Development Board to set up ship building capabilities in the state.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The MoU was signed by the officials of the two sides in presence of Russian Minister for Industry and Trade, Denis Manturov and Andhra Pradesh Chief Minister N. Chandrababu Naidu.

An high-level delegation led by the minister is currently on a visit to Andhra Pradesh.

USC is the largest shipbuilding corporation in Russia and Eastern Europe. About 70 percent of the naval ships in India, including submarines, have been supplied by USC and its subsidiaries and partners.

"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," Naidu said.

"Andhra Pradesh and Russia will have to jointly work towards ushering a fourth industrial revolution," he added.

Sudoexport, one of the subsidiaries of USC, is studying the inland waterway project and has made exploratory visits to Andhra Pradesh.

A tripartite MoU between TechnoNICOL, Sun Group and Andhra Pradesh Economic Development Board was also signed.

TechnoNICOL, one of Russia's largest building material companies with sales of over $1 billion, will set up manufacturing facilities in Andhra Pradesh.

Meanwhile, Naidu and the Russian minister discussed ways to enhance cooperation in a wide range of sectors.

Highlighting the various investments opportunities and strategic advantages Andhra Pradesh has for mutual cooperation, Naidu said that he is looking for active cooperation with Russia especially in the field of defence and aerospace.