If you thought the Rs 42,000 crore project to procure 126 multi-role fighters for the IAF was the "mother of all defence deals", think again. The stage is now being set for an even bigger project—this one worth over Rs 50,000 crore for six new-generation submarines for the Indian Navy.
The Defence Acquisitions Council (DAC), chaired by defence minister A K Antony, has finally decided that three of the six submarines will be constructed at Mazagon Docks (MDL) in Mumbai and one at Hindustan Shipyard Ltd (HSL) in Visakhapatnam, with the help of a foreign collaborator.
"The other two submarines will either be imported from the foreign vendor directly or constructed at a private shipyard in India. Fresh estimates show each of these six diesel-electric submarines will cost almost Rs 8,500 crore," a source said.
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