Mazagon Dock Shipbuilders Ltd (MDL) has commenced formal negotiations with the Indian Navy for the ambitious Project 75 (India), the company announced on Wednesday.
The Defence Ministry had opened bids for the multi-billion-dollar contract on January 16, 2025, with state-owned MDL emerging as the preferred partner, in collaboration with German submarine manufacturer ThyssenKrupp Marine Systems (TKMS). The project involves the construction of six advanced conventional submarines equipped with Air Independent Propulsion (AIP) technology.
The Centre had granted clearance on August 23 for the Defence Ministry and MDL to begin talks on the ₹70,000-crore programme. Once finalized, the contract will mark one of India’s largest defence procurement deals.
“The partnership with Indian companies for the P75(I) submarine project will create an ecosystem that can feed into the global market in the coming years,” said the CEO of TKMS.
The Defence Ministry and Navy aim to conclude negotiations within the next six months and secure final approvals thereafter. Parallelly, India is also pushing ahead with plans to build two nuclear attack submarines, where private sector giant Larsen & Toubro (L&T) and the Submarine Building Centre are expected to play major roles.
On September 10, shares of Mazagon Dock Shipbuilders closed at ₹2,754.85 on the BSE.