The Indian Navy is poised to finalize three major procurement deals amounting to approximately ₹1.25 lakh crore before the conclusion of the financial year, according to Navy Chief Admiral Dinesh K Tripathi. Speaking at the annual Navy Day event, Admiral Tripathi highlighted that these deals encompass the acquisition of 31 MQ-9B drones, three additional Scorpene-class submarines, and 26 Rafale-M fighter jets.
The discussions surrounding the contracts for the additional Scorpene submarines and the Rafale-M jets are nearing completion. The Navy chief indicated that these agreements could be signed within the next two months, reflecting a significant boost in India’s naval capabilities.
In terms of collaborative efforts, Bharat Electronics Limited (BEL) is expected to play a critical role in the submarine program. The construction of the submarines will occur through a partnership between the French Naval Group and Mazagon Dock, a key player in India’s defense manufacturing landscape. The recent bids for the Scorpene submarines have been revised to around ₹40,000 crore, incorporating state-of-the-art technology and featuring an indigenous combat management system designed to enhance operational efficacy.
The impact of these developments is already being felt in the stock market, as shares of Mazagon Dock have dipped by 1.2%, trading at ₹4,540. Similarly, shares of BEL, which has recently been included in the Nifty 50 index, also saw a decline, down by 1.1% at ₹304.6. The anticipated contracts are expected to not only bolster the Navy’s capabilities but also significantly influence the defense manufacturing sector in India.
