State-owned ship manufacturing company Shalimar Works Ltd today entered into an agreement with Bangladesh shipbuilder Western Marine for manufacturing different types of vessels and watercrafts.
The two companies signed the agreement for formation of a special purpose vehicle to develop freight and passenger transportation along National Waterway I comprising rivers Ganga, Hooghly and Bhagirathi.
West Bengal Transport minister Suvendu Adhikari said "Shalimar Works has made a financial turnaround and is likely to be on the profit-making path soon."
He said the state is giving a lot of importance for the use of waterways as a viable passenger and freight transportation alternative.
Bangladesh Deputy High Commissioner in Kolkata Toufique Hassan said "the agreement between the two companies is a step towards further deepening of relations between the two countries."
He said the agreement will help both the companies financially.
Western Marine's managing director Shahnawaz Hossain said that his company has manufactured 142 ships since its incorporation in 2000.
Of the 142 ships, 111 were made for internal use, while the rest were exported, including a 8,000 tonne engineering ship for an Indian company, Hossain said.
He said Western Marine will share its expertise with Shalimar Works in manufacturing vessels and ships of various types.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)