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HomeMarket NewsMazagon Dock may qualify for a ₹70,000 crore submarine project
The Defence Acquisition Council (DAC), chaired by the Defence Minister, is expected to meet soon to take a final decision on the selection of the bidder.
The Ministry of Defence's ₹70,000-crore P75(I) submarine project, aimed at bolstering the Indian Navy's underwater capabilities, has reached a critical evaluation stage.
According to government sources, a technical oversight committee has determined that only the bid submitted by Mazagon Dock Shipbuilders Limited (MDL) and Germany's ThyssenKrupp Marine Systems meets the eligibility criteria.
The competing bid, submitted jointly by Larsen & Toubro (L&T) and Spain's Navantia, reportedly did not qualify under the parameters laid out for the project.
The Defence Acquisition Council (DAC), chaired by the Defence Minister, is expected to meet soon to decide on the bidder's selection.
The P75(I) project is part of India's strategic plan to construct six advanced submarines with air-independent propulsion (AIP) systems to enhance the Navy's operational capability in contested waters.
While no final decision has been taken yet, the evaluation process marks a significant step forward in the ambitious program, which is seen as a key element in addressing India's security needs in the Indo-Pacific region.
The shares of the company are trading 3.6% higher at ₹2,372 a piece.
