Fincantieri on Tuesday signed an accord with India's leading shipbuilder Cochin Shipyard covering defence vessels, mechanical products, naval automation, ship repair and training that will boost its presence in the Asian country, the company said in a statement.
Under the accord, the two companies agree to cooperate in the design, procurement and local construction of new vessels for the Indian defence market, said the statement. Local construction and marketing of mechanical products (including propulsion propellers, shaft lines, stabilization and steering systems, thrusters, azimuthal thrusters) naval automation and ship repair are also part of the accord, said the statement.
Besides training Indian personnel, Fincantieri will carry out consultancies on design, construction and shipyard upgrade processes, according to the statement.
The accord "gives further momentum" to Fincantieri's long-standing partnership with Indian governmental group CSL, which owns facilities both on the East and West coast of India, the statement went on.
Tuesday's Memorandum of Understanding (MoU) will be followed by a series of detailed agreements outlining each side's roles "and the scope of supply," the statement said.
"Various areas of the Fincantieri group may benefit from these accords: the Naval Vessels Division, the Systems and Components Division, as well as Seastema, Vard Marine and Fincantieri India," the statement concluded.
