Italian shipbuilder Fincantieri and India’s Cochin Shipyard Limited (CSL) have signed a Memorandum of Understanding (MoU) for cooperation in India.
The agreement increases the partnership between Fincantieri and CSL, which has facilities on the east and west coast of India.
According to Fincantieri, the Indian market is considered strategic due to the Indian Navy’s renewal and expansion of the fleet.
As per the MoU signed, the partnership will be extended to different fields, which includes the design, procurement and local construction of new vessels for the defence market in India.
It also includes the local construction and marketing of mechanical products, naval automation, ship repair, and training of Indian personnel and consultancies by Fincantieri.
The MoU is expected to be followed by other detailed agreements, which will outline the roles and scope of supply of both companies.
The Naval Vessels Division, the Systems and Components Division, along with Seastema, Vard Marine and Fincantieri India, are expected to benefit from the agreements.
The companies have partnered in the past for the construction of the aircraft carrier Vikrant. CSL was contracted by the Indian Navy for the shipbuilding, while Fincantieri was involved for the design and integration of the engine system of the vessel.
Fincantieri also delivered ‘Deepak’ and ‘Shakti’, the two tankers to the Indian Navy.
The company also delivered ‘Sagar Nidhi’ research vessel for National Institute of Ocean Technology (NIOT).
Last month, Fincantieri launched the Qatari Emiri Navy’s first offshore patrol vessel (OPV) Musherib at the Muggiano (La Spezia) yard.