APEDB signs agreement with Russia's JSC United Shipbuilding

The Dollar Business Bureau

The Andhra Pradesh Economic Development Board (APEDB) on Wednesday signed an agreement with Russia’s largest ship-building company JSC United Shipbuilding Corporation for establishing a shipbuilding facility in the state.

JSC United is likely to do an investment of around Rs.100 crore in the proposed project.

The APEDB also signed a memorandum of understanding (MoU) with TechnoNICOL Corporation of Russia for setting up a world-class manufacturing facility in the district of Visakhapatnam to manufacture shingles, membranes and other roofing and waterproofing products.

The MoUs were signed in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu and visiting Minister for Trade and Industry of Russia, Denis Menturov.

JSC United and APEDB will jointly look for the ‘prospects of potential collaboration’ to organise passenger and cargo transportation as well as the designing and construction of civil watercraft, according to an official release.

TechnoNICOL, a leading manufacturer of materials for roofing, waterproofing and insulation, will invest $62 million for establishing a world-class manufacturing facility in partnership with Russia’s SUN Group Enterprises, it added.

Naidu said the AP government is ready to offer all infrastructure required for setting up industries.

“We have water, land and power. Visakhapatnam has facilities for aerospace and defence industries. The Visakhapatnam-Chennai and Bengaluru-Chennai Industrial Corridors are also being developed. We can offer excellent market for you. This is the right time for Russia to invest here under the Make in India programme,” he said.

“India is the only nation which has registered an economic growth of 7.5 percent last year and this is going to continue. AP has witnessed a growth of 10.99 percent last year and now the state government’s target is to ensure a growth rate of 15 percent in the coming 15-20 years,” he added.