NEW DELHI: India and Korea today signed an Inter-Governmental Memorandum of Understanding (MoU) for defence industry co-operation in shipbuilding here under the Make in India programme.
With the Korean collaboration, the Hindustan Shipyard Ltd would upgrade and modernise its facilities and execute naval shipbuilding projects in a timely and cost effective manner. The organisations recommended for co-operative projects may conclude separate agreements (contracts) between them to implement the specific projects.
In consultation with the recommended Korean partner, it is planned to identify and develop indigenous sources/vendors for the supply of majority of the material and equipment that would be needed in co-operative naval projects, thus paving the way for the development of ancillary industry/maritime cluster in the region. (AGENCIES)
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