KSINC peeved at cancellation of MoU

The allegations levelled against the memorandum of understanding (MoU) entered by the Kerala Shipping and Inland Navigation Corporation (KSINC) with U.S.-based firm EMCC International India Pvt. Ltd. for a ₹2,950 crore scheme for deep sea fishing, including construction of 400 trawlers, and the State government’s decision to cancel it are surprising, sources in the KSINC have said. There is no clause in the agreement that the trawlers will operate along the Kerala coast. Only that they were to be built by the KSINC. They can operate anywhere. The controversy will only lead to slipping away of this massive contract from Kerala’s public sector and the private sector will ultimately benefit from it.