New Delhi: India and Germany are likely to sign the long-awaited Project-75I submarine agreement within the next month, German Ambassador to India Philipp Ackermann said on Thursday, signalling that negotiations on the mega defence project are nearing completion.
The proposed deal, estimated at around 8 billion euros (over Rs 90,000 crore), involves the construction of six next-generation conventional submarines for the Indian Navy under the government's 'Make in India' initiative.
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The project is expected to be executed through a partnership between Germany's ThyssenKrupp Marine Systems (TKMS) and state-owned Mazagon Dock Shipbuilders Ltd (MDL), with the submarines to be built in India.
Expressing confidence over the progress of the negotiations, Ackermann said the agreement could be signed "very soon."
Ackermann was speaking on the sidelines of an industry event organised by the Indo-German Chamber of Commerce (IGCC).
The Project-75I programme is among India's biggest naval modernisation initiatives and aims to strengthen the Indian Navy's underwater combat capabilities through the induction of advanced conventional submarines equipped with modern stealth features, long-range endurance and enhanced combat systems. The project also seeks to boost indigenous defence manufacturing by facilitating technology transfer and local production in collaboration with an overseas technology partner.
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