Russia Invests Above USD One Billion In AP

The Andhra Pradesh Economic Development Board (APEDB) and the largest shipbuilding corporation in Russia and Eastern Europe - United Shipbuilding Corporation (USC) - have signed an MoU to set up the Russian company's shipbuilding facilities in AP.

Speaking on the occasion, AP Chief Minister N Chandrababu Naidu said, "The USC will invest USD 1 billion in AP. This is the first step towards a collaboration between India and Russia through AP, and will improve the Indian job scenario, development of the latest technology and improvement in the skillset of the youth of this State."

"Andhra Pradesh and Russia will have to work jointly to usher the two nations to an industrial revolution of sorts," the Chief Minister added.

70% of the naval ships in India, including submarines, have been supplied by the USC and its subsidiaries and partners in the past.

This MoU will allow the United Shipbuilding Corporation to set up shipbuilding docks in Andhra Pradesh.

Further, one of the subsidiaries of USC, Sudo Export, is studying the inland waterway project connecting Amaravathi and has made exploratory visits to the State.

Apart from this MoU, a tripartite agreement has also been signed between TechnoNICOL, Sun Group and the APEDB for manufacturing building material. The TechnoNICOL and Sun Group will invest USD 62 million.