Mazagon Dock Shipbuilders has commenced negotiations with the Indian Navy with respect to the Submarine Project-P75(I), the company announced on Wednesday.
On August 23, the Centre granted clearance to Defence Ministry and Mazagaon Dockyards Limited to begin negotiations for the deal to buy six submarines to be built in India with German support under Rs 70,000 crore project ' Project 75 India'. The company's bid was opened by the ministry on January 16, 2025.
State-owned Mazagaon Dockyard Ltd has emerged as the winner for the multi-billion dollar submarine contract, along with its technology partner TKMS.
The Defence Ministry had selected state-owned MDL for building six submarines with Air Independent Propulsion systems supplied by German submarine manufacturer ThyssenKrupp Marine Systems as its partner in January.
CEO of ThyssenKrupp Marine Systems told Manu Pubby of ET that the company's partnership with Indian companies for the P 75I submarine project - the requirement for six conventional submarines, for which TKMS has been chosen as the technology partners - will create an ecosystem that can feed into the global market in the coming years.
Defence Ministry and Indian Navy aim to conclude contract talks within the next six months and secure final approval thereafter.
India Inc is also working on building two nuclear attack submarines, where private sector giant Larsen and Toubro (L&T) would play a big role, along with the Submarine Building Centre.
On September 10, shares of Mazagon Dock Shipbuilders Ltd. closed on Rs 2,754.85 per scrip.
On August 23, the Centre granted clearance to Defence Ministry and Mazagaon Dockyards Limited to begin negotiations for the deal to buy six submarines to be built in India with German support under Rs 70,000 crore project ' Project 75 India'. The company's bid was opened by the ministry on January 16, 2025.
State-owned Mazagaon Dockyard Ltd has emerged as the winner for the multi-billion dollar submarine contract, along with its technology partner TKMS.
The Defence Ministry had selected state-owned MDL for building six submarines with Air Independent Propulsion systems supplied by German submarine manufacturer ThyssenKrupp Marine Systems as its partner in January.
CEO of ThyssenKrupp Marine Systems told Manu Pubby of ET that the company's partnership with Indian companies for the P 75I submarine project - the requirement for six conventional submarines, for which TKMS has been chosen as the technology partners - will create an ecosystem that can feed into the global market in the coming years.
Defence Ministry and Indian Navy aim to conclude contract talks within the next six months and secure final approval thereafter.
India Inc is also working on building two nuclear attack submarines, where private sector giant Larsen and Toubro (L&T) would play a big role, along with the Submarine Building Centre.
On September 10, shares of Mazagon Dock Shipbuilders Ltd. closed on Rs 2,754.85 per scrip.
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