The Andhra Pradesh Economic Development Board on Saturday inked two MoUs with Russian corporations in the presence of Prime Minister Narendra Modi and Vladimir Putin, President of the Russian Federation.
Krishna Kishore, CEO, Economic Development Board signed the MoUs at the Russia India Bilateral Meeting on the sidelines of the Eighth Annual Summit of BRICS, Goa.
One MoU was signed between Andhra Pradesh Economic Development Board and JSC United Shipbuilding Corporation (USC). USC is the biggest shipbuilding corporation in Russia and 70 per cent of the naval ships in India including submarines have been supplied by USC, its subsidiaries and partners. USC has an order book of over $20 billion with substantial orders from Indian defence.
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With the signing of this MoU, shipbuilding in Andhra Pradesh will get a major fillip and the state will emerge as one of the biggest shipbuilding hubs in Asia in the years to come, Krishna Kishore said.
This facility by USC will not only cater to the Indian market but also tap exports.
Another MoU was signed between the Andhra Pradesh Economic Development Board, JSC Alexeev’s Central Hydrofoil Design Bureau, JSC Radar MMS and JSC Morinsis — AGAT and Elcom Systems Private Limited which will facilitate investments in the state of Andhra Pradesh.
JSC Alexeev’s Design Bureau is a leading designer and manufacturer of high-speed vessels in Russia having vast experience in the field of research, design, construction, testing and operation of high-speed vessels.
JSC Radar MMS is one of the world’s leaders in the field of developing special and civil purpose radio-electronic systems and suites, precision instruments, special software.
JSC Morinsis-AGAT specialises in the domains of informational systems and technologies and system engineering in the sphere of marine data computing equipment.
Elcom is an electronics design, development, manufacturing and services company which is part of SUN Group. Elcom has 3 state-of-the-art electronics manufacturing factories in Mohali, Punjab and a R&D centre in Noida, NCR. The company makes its own patented products as well as undertakes indigenisation of foreign products under “Make In India” philosophy and sells its communications, avionics and radar products to the military and civil sectors, in India and abroad.