Germany, India sign agreement on €5bn submarine deal
Germany and India signed a memorandum of understanding for a multi billion-dollar submarine project in Mumbai on Wednesday, during a visit by German Defence Minister Boris Pistorius.
With the agreement, representatives of ThyssenKrupp Marine systems (TKMS) and the Indian shipyard company Mazagon Dock Shipbuilders laid the foundation for the delivery of a total of up to six submarines.
An amount of more than 5 billion euros (5.4 billion dollars) was recently mentioned as the possible volume of such a deal.
Read Also: European Commission to open new infringement procedure against…
The deal aims to boost Germany’s defence industry while reducing India’s dependence on Russian military equipment.
India currently has one nuclear and 16 conventional submarines. The government in New Delhi is looking for a cooperation partner for the production of six submarines locally, but has not yet decided.
Germany, India sign agreement on €5bn submarine deal
