Shares of Mazagon Dock Shipbuilders Ltd rallied sharply, gaining over 4%, after reports indicated that the state-owned defence shipyard is likely to sign a major submarine-manufacturing agreement with Germany’s Thyssenkrupp Marine Systems GmbH later this year.
According to reports, the partnership is expected to be part of India’s ambitious submarine modernisation drive and is progressing alongside negotiations for an internal contract within India. The domestic agreement is currently being discussed between the Ministry of Defence, acting on behalf of the Indian Navy, and Mazagon Dock Shipbuilders Ltd for the construction of six submarines. The source added that this contract is also likely to be finalised within the year.
The proposed deal falls under Project 75 (India), one of the country’s most strategically significant naval acquisition programmes. Under this initiative, the Indian Navy plans to induct six advanced conventional attack submarines equipped with air-independent propulsion (AIP) systems. These systems allow submarines to remain submerged for significantly longer durations compared with traditional diesel-electric variants, offering a critical tactical advantage in modern underwater warfare.
Mazagon Dock Shipbuilders Ltd declined to comment on the reported development.
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