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Mazagon Dock Shipbuilders gained nearly 2% after the company announced it has started talks with the Indian Navy on Project P-75(I). The ₹70,000 crore programme aims to build six conventional submarines.
The deets: Project P-75(I) is the Indian Navy’s ambitious submarine programme under which six new-generation conventional submarines will be built in India.
This is a part of a 30-year roadmap to modernise the country’s underwater fleet. These submarines will come fitted with advanced Air Independent Propulsion (AIP) systems, allowing them to stay submerged much longer without surfacing, which improves stealth and endurance.
Background: Ministry of Defence gave its nod in August for the company to begin cost negotiations with Germany’s Thyssenkrupp Marine Systems. Under the pact, the German firm will handle engineering and design, while Mazagon Dock will construct and deliver the subs for the Navy.
Worth noting: this is India’s largest submarine programme yet, aimed at modernising the Navy’s underwater fleet.
In a parallel significant note, Mazagon Dock is also set to join the Nifty Next 50 index from September-end as part of NSE’s biannual rejig. The inclusion could boost trading volumes and bring in fresh investor flows.
