Kochi (Kerala), Feb 22 (PTI) – Artson Group a subsidiary of the Tata Group has signed a Memorandum of Understanding (MoU) with Malabar Cements a public sector undertaking to establish a boat manufacturing unit in Kochi. The agreement valued at Rs 300 crore was formalized at the Invest Kerala Global Summit which concluded on Saturday.
Strategic Investment for Industrial Growth
The MoU highlights Artson Group’s commitment to investing in Kochi and fostering industrial development. The boat manufacturing facility will focus on vessels under 100 tonnes and will be set up on seven acres of land leased by Malabar Cements from the Cochin Port Trust.
Project Timeline and Future Prospects
According to Artson Group CEO Shashank Jha and Malabar Cements Managing Director Chandra Bose the manufacturing unit is expected to be operational within six months, pending government-level discussions.
Initial Supply and Export Potential
In its first phase, the unit will supply boats to the Kochi Water Metro, a crucial public transport initiative aimed at enhancing urban mobility in the region. Additionally, there are plans to export vessels to Europe, expanding Kerala’s footprint in the global maritime industry.
Government Support and Investment Promotion
The two-day Invest Kerala Global Summit, hosted by the Government of Kerala, played a pivotal role in facilitating this partnership. The event, supported by various industry organizations, aimed to attract domestic and international investments to drive economic growth in the state.
The collaboration between Artson Group and Malabar Cements signifies a major boost for Kerala’s industrial sector, enhancing employment opportunities and reinforcing the state’s position as a hub for maritime and industrial innovation.
Stay tuned for further updates on this transformative initiative.
