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Russian Shipyard Chooses Indian SME to Partner LNG Tankers Construction

In Business
December 15, 2023

MUMBAI:
In a major service export deal, Krasny Defence Technologies Ltd., an Indian SME company, has clinched a Rs 100-crore deal with Zvezda Shipbuilding Complex (SSK Zvezda), Russia’s largest commercial shipbuilding yard, for the electrical outfitting of two Ice-class LNG tankers being built by the shipyard.

The contract, having an execution period of two years, was signed during the just concluded meeting of Eastern Economic Forum, presided over by the Russian President, Vladimir Putin, at Vladivostok.

Mumbai-based Krasny Defence Technologies Ltd bagged the contract against fierce competition from Chinese companies, which are already executing several projects at SSK Zvezda.

The contract was signed between Tseluyko Sergey Ivanovich, General Director of LLC Zvezda Shipbuilding Complex, and Cdr. (Dr.) V.G. Jayaprakasan, (retd), Chairman & Managing Director, Krasny Defence Technologies Limited.

For the effective local management and administrative control of the project, Krasny has incorporated a wholly owned subsidiary “Krasny Kamen LLC” in the Advanced Special Economic Zone (ASEZ) of Bolshoi Kamen.

Krasny, a prominent small and medium-sized enterprise (SME) in the defence sector, is involved in a wide range of activities ranging from Life Cycle Support of Russian origin assets of Indian Navy, repairs and maintenance of equipment as well as manufacturing of import substitutes. The company also refits coast guard ships besides outfitting new construction ships.

Founded by Cdr (Dr) V. G. Jayaprakasan (retd), Krasny has built a robust reputation over three decades with the Russian military industry as a reliable Indian partner. It is credited to be the private sector pioneer in Indo-Russian military technical co-operation and continues to play a lead role in the “Make in India” programme involving Russian military technology.

SSK Zvezda, the largest shipyard in Russia, has its Order Book full for the next 10 years and beyond. “Krasny aspires to play a long-term constructive role of being a trusted and dependable partner of this huge, modern and prosperous shipyard. Involvement of the company in the shipbuilding and other commercial activities in the Far Eastern Region of Russian Federation is expected to unlock employment opportunities for skilled Indian workforce of engineers and technicians,” said Cdr (Dr) V. G. Jayaprakasan (retd).