A Memorandum of Understanding (MOU) with Indian Institute of Technology, Madras (IITM) for the technical consultancy for the design and drawings of their new builds. This tie up is expected to bring in the latest technology in ship construction. The IIT Madras has got the state of art facilities for towing tank tests for resistance, flow and propulsion characteristics, tests with stock propellers for wake The Master Shipyard Pvt. Limited, Cochin, a subsidiary of LOTS Shipping Limited, engaged in the construction and repairs of Ships and other Marine Crafts, signed fraction and thrust deduction fraction and other tests such as self propulsion tests. The present MOU is for a period of two years.

M/s Master Shipyard Pvt. Limited has constructed vessels of various types and sizes in the last two years. They have recently launched a 2000 DWT Dry cargo cum Container vessel.A dry dock is under construction to augment the repair facilities. The Master Shipyard has got facilities to construct vessels upto 3500 DWT.

Dr. T.T Narendran, Dean, Industrial Consultancy and Sponsored Research (IC&SR) and Dr. V.Anantha Subramanian signed the MOU on behalf of Indian Institute of Technology, Madras and Mr. John Mathews, Director on behalf of Master Shipyard Pvt. Limited Cochin.