Russia has reportedly struck a deal to order 24 cargo vessels from Indian shipbuilders to boost trade via the Caspian Sea.
This is according to Dmitriy Dubovik, head of the Caspian International North-South Integration Club, who was quoted by India Shipping News.
The club director said the ships will be built over the next three years and all will be delivered before 2027.
A deal was slated to be signed at an international forum in Astrakhan, Russia, on Thursday.
Dubovik said the first four vessels will begin construction at state-owned Goa Shipyard in the first quarter of next year.
He added that India will build chemical tankers, bulk carriers and container ships.
The news comes after reports in May that Russia and India were working on a deal to cooperate on shipbuilding and ship repair.
Intergovernmental talks were revealed by the Indian ambassador to Russia, Pawan Kapur.
Kapur said he was in talks with Russian state-holding company United Shipbuilding Corp.
USC, Russia’s largest shipbuilder, has been sanctioned by the US for its alleged involvement in producing naval vessels used in the invasion of Ukraine.
India diversifying
Yards include Krasnoye Sormovo, Lotos, Astrakhan Shipbuilding and Third International Shipyard.
India also has a significant shipbuilding industry in Gujarat and has been diversifying into high-specification, low-carbon bulkers and offshore wind vessels.
Russia Briefing said the concept makes sense, as bilateral trade is booming between India and Russia.
One of the keys to this is the International North-South Transport Corridor (INSTC), a 7,200-km ship, rail and road route for moving freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe.
Shipping across the Caspian Sea to Russia’s ports around the Astrakhan region is also an important entry point to access Russian markets.
The INSTC route connects Russia and India via the Caspian Sea and the Iranian rail section from its Caspian coastline to the Middle East Gulf at Iran’s Chabahar Port, in which India is also a major investor. Mumbai is a 36-hour voyage from Chabahar.
