Published: July 8, 2024 5:49 pm
Author: RT
The Russian Direct Investment Fund and Enso Group will jointly provide over $220 million to develop shipbuilding
India’s multinational conglomerate Enso Group and the Russian Direct Investment Fund (RDIF) have agreed to jointly finance the development of shipbuilding infrastructure in both countries, according to a statement released on Monday.
The announcement came ahead of Prime Minister Narendra Modi’s visit to Moscow amid burgeoning trade ties between Russia and India.
According to the agreement, the parties will provide a total investment of 20 billion rubles (over $220 million) in order to meet the growing demand for transportation of various cargo by water and reducing dependence on foreign shippers.
Shipbuilding is one of the most high-tech industries, and its development is a key government priority for both Moscow and New Delhi, according to RDIF CEO Kirill Dmitriev.
“The partnership between RDIF and Enso Group aims to strategically strengthen the positions of Russia and India in the global shipbuilding market and create additional capacities, including the production of own equipment and components,” stated Dmitriev.
Enso Group’s CEO and founder Vinay Maloo described Russia as India’s “long-standing” and “time-tested” partner and said that the shipbuilding collaboration will benefit the global standing of both countries.
“Given the rapid growth in bilateral trade between India and Russia, it is imperative to further our cooperation in this critical infrastructure sector. India has a significant shipbuilding industry which has diversified in the last ten years under the leadership of Prime Minister Narendra Modi,” Maloo said.
Enso Group is present in various sectors, including oil and gas, mining, renewable energy, real estate and others.
The RDIF, established in 2011, acts as a sovereign wealth fund and works to invest and attract foreign funding in the Russian economy. To date, RDIF has successfully implemented more than 100 projects worth over 2.2 trillion rubles (nearly $25 billion) with foreign partners.
