The government-owned BEML Ltd. (formerly known as Bharat Earth Movers Ltd) announced on Wednesday, November 27, that it has signed an agreement with Mazagon Dock Shipbuilders to develop technologies for the marine industry, news agency PTI reported.
According to the company statement cited by the agency, the company aims to leverage the opportunity to expand its expertise in the marine sector.
“BEML and Mazagon Dock Shipbuilders Ltd (MDL) have entered into a strategic Memorandum of Understanding (MoU) to jointly advance research and development in cutting-edge technologies for marine applications,” the statement reads.
Mazagon Docks will provide facilities to BEML's research team to facilitate developing, testing, and validating innovative technologies and systems. In exchange, according to the agreement, BEML will provide its technical support to design and manufacture strategic equipment specially suited for marine applications.
“The collaboration underscores our commitment to reducing dependency on imports for the defence forces while strengthening our manufacturing capabilities and contributing to India's self-reliance in the defence and maritime domain,” said Shantanu Roy, the chairman and managing director of BEML.
BEML shares closed 4.24 per cent higher at ₹4,187.90, compared to ₹4,017.65 at the previous market close. Mazagon Dock Shipbuilders shares closed 5.54 per cent higher at ₹4,467.45, compared to ₹4,233.10 at the previous market close.
Both BEML and Mazagon Dock aim to drive innovation and deliver cutting-edge solutions in line with India's Atmanirbhar Bharat vision and increase the country's maritime capabilities. As per the company statement cited in the report, BEML plans to leverage the partnership with MDL to develop solutions for futuristic marine applications and expand its expertise in the marine sector.
Mazagon Dock Shipbuilders specialises in the construction of wardships and submarines for the Indian Navy, ships for the Indian Coast Guard, and other maritime platforms for commercial purposes.
BEML is a government-owned company under the Ministry of Defence that operates in three business segments, namely: construction and mining, railway and metro, and defence and aerospace.
