A proposed defence contract involving Mazagon Dock Shipbuilders Limited (MDL) for the supply of six submarines to the Indian Navy is reported to be in advanced stages, according to The Telegraph.
The development relates to Project-75I, a long-pending programme aimed at building conventional submarines in India with foreign collaboration.
As per the same report, Germany-based Thyssenkrupp is expected to provide submarine design and technology as part of the contract. The report states that this transfer would form a key component of the agreement between the parties.
The same report indicates that Mazagon Dock and Thyssenkrupp would jointly construct six submarines under Project-75I, subject to finalisation of the contract.
No official confirmation or detailed contract terms were cited in the report. Further announcements from the companies or government authorities are awaited.
In the meantime, as of 12:42 PM, Mazagon Dock shares are trading 0.62% higher at Rs 2,632.70.