By: Vivek Raghuvanshi
NEW DELHI - Indian Navy's $5 billion program to build 12 high-tech new generation mine counter-measure vessels (MCMVs) has run into rough weather, as Kangnam Corporation of South Korea virtually refuses to provide a performance guarantee for supervision of construction of the vessels by state-owned Goa Shipyard Ltd.
The design and technology transfer agreement worth over $ 1 billion with Kangnam Corporation for 12 MCMVs in India is "not in sight as of now" an MoD official added. "There are several parameters of the technology transfer which need to be finalized before the agreement with Kangnam is signed."
"The real bone of contention is we want full intellectual property rights of the MCMVs which is not acceptable to the selected design and technology partner," the MoD official disclosed.
No executive of Kangnam Corporation was available for comment.
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