Artson Group, a subsidiary of the Tata Group, has partnered with Malabar Cements, a public sector undertaking, to establish a boat manufacturing unit in Kochi. A Memorandum of Understanding (MoU) was signed during the Invest Kerala Global Summit, which concluded on Saturday, for the development of this Rs 3 billion project.

The initiative aims to boost industrial growth in Kochi, with the Tata Group subsidiary expressing its commitment to investing in the region. Under the agreement, a boat manufacturing unit specializing in vessels under 100 tonnes will be developed on a seven-acre plot leased by Malabar Cements from the Cochin Port Trust.

The project is expected to be operational within six months, following discussions at the government level. In its initial phase, the manufacturing unit will focus on producing boats for the Kochi Water Metro, with future plans to expand exports to Europe.

The Invest Kerala Global Summit, a two-day event organized by the Government of Kerala in collaboration with industry bodies, served as a platform for investment agreements and industry partnerships, facilitating initiatives such as this joint venture.

News source: Rediff Moneywiz