Cochin Shipyard signs MoU with Italian shipbuilding company; stock opens 1.18 per cent higher

Cochin Shipyard Limited (CSL) announced on Tuesday after the market hours that it has signed a memorandum of understanding (MoU) with Fincantieri, one of the world’s largest shipbuilding groups.

The MoU has been signed for cooperation in the areas of design, shipbuilding, ship repair, marine equipment manufacturing, along with training & skill development.

The press release further noted that this agreement sets the ground for a strategic partnership aimed at business development for mutual benefit as well as potential indigenisation in the identified areas of cooperation. This is in line with the ‘Atmanirbhar Bharat’ and ‘Make in India’ vision of the Government of India. It will also help in the development of cutting-edge solutions in strategic advanced sectors in India.

In 2019, Cochin Shipyard started CRUISE 2030 to formulate a strategic roadmap to achieve its 2030 vision of 6-8X growth. For the coming decade, CSL has set up a bold ambition to transform from being the leading Indian Shipyard to one of the leading global shipyards. MoUs such as this one are a step towards that goal.

On Wednesday, the stock of CSL opened at Rs 355, 1.18 per cent higher than its previous day’s close.