COOPERATION AGREEMENT BETWEEN FINCANTIERI AND THE INDIAN SHIPYARD COCHIN
27 October 2020
Trieste, October 27, 2020 – Fincantieri, one of the world’s largest shipbuilding groups, has signed a Memorandum of understanding (MoU) with Cochin Shipyard Limited (CSL), the leading shipbuilder in India.
With this agreement Fincantieri enhances its presence in the country, providing further momentum to the long-standing partnership with the governmental group CSL, which owns facilities both on the East and West coast of India.
Fincantieri, indeed, has been following the renewal and expansion program of the Indian Navy’s fleet for some time, considering this market as strategic. In the past, the group entered into contracts with CSL – to which the Indian Navy awarded the construction of the aircraft carrier Vikrant – for the design and integration of the unit's engine system, as well as for the supply of complementary services. Thereafter, Fincantieri delivered the two fleet tankers “Deepak” and “Shakti” to the Indian Navy, in addition to the research vessel “Sagar Nidhi” built for the National Institute of Ocean Technology (NIOT).
The understanding signed today lays down the cooperation principles in several fields:
design, procurement and local construction of new vessels for the Indian defense market;
local construction and marketing of mechanical products (such as propulsion propellers, shaft lines, stabilization and steering systems, thrusters, azimuthal thrusters);
training of Indian personnel and consultancies to be carried out by Fincantieri in the field of design or construction or shipyard upgrade processes.
The MoU will be followed by a series of detailed agreements, outlining – from time to time – the respective roles and the scope of supply. Different areas of the Fincantieri group may benefit from these understandings: the Naval Vessels Division, the Systems and Components Division, as well as Seastema, Vard Marine and Fincantieri India.