The South Asian nation's bid to build six conventional diesel-electric subs is now delayed by a year and further delays are expected, according to two senior officials directly aware of the situation who asked not to be identified because the information isn't public.
The development is more than a setback to India's efforts to upgrade its military: The project also represents a test of Prime Minister Narendra Modi's new defense acquisition policy. That policy requires foreign manufacturers to partner and provide local firms with technology to build military hardware in India, the world's largest weapons importer.
German defense manufacturer ThyssenKrupp Marine Systems, in partnership with India's state shipyard Mazagon Dock Shipbuilders, and private shipbuilder Larsen & Toubro (L&T), with Spain's Navantia, are competing for the project.
This story is from the December 14, 2024 edition of Financial Express Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 14, 2024 edition of Financial Express Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Dilip Kumar's Bandra bungalow turns into 'Legend'
AS THE COUNTRY celebrated the 102nd birth anniversary of Bollywood legend Dilip Kumar, news of the redevelopment of his family bungalow in Bandra's Pali Hill area, in Mumbai, has made headlines.
Will India's chess triumphs help attract marketing dollars?
RBL Bank lost no time and on Friday released advertisements congratulating its recently recruited brand ambassador D Gukesh for the World Chess Championship title win.
India's ₹50,000-cr submarine plan stalls after sea tests
INDIA'S $6 BILLION (₹50,000-CRORE) plan to build submarines has stalled because of contractor complaints over whether proper procedures were followed during tests at sea, delaying the navy's efforts to bolster its capabilities as China expands its presence in the Indian Ocean.
Swiggy does a Zomato with Scenes
THIS LAUNCH CLOSELY follows Zomato's introduction of its ticketing platform District last month.
Brent prices climb 1% to 3-week high
OIL PRICES EDGED up about 1% to a three-week high on Friday on expectations additional sanctions on Russia and Iran could tighten supplies, while lower interest rates in Europe and the US could boost demand for the fuel.
Sebi needs to ensure people don't approach tribunal: ED
SEBI SHOULD WRITE regulations in such a way that people do not disagree and end up challenging decisions in the Securities Appellate Tribunal, a senior official said on Friday.
Algo trading for retail soon
ADDITIONALLY, SEBI has suggested that exchanges must tag all algo orders with a unique identifier issued to ensure an audit trail.
A Royal Enfield store without motorcycles!
Royal Enfield says it is not just a motorcycle company, but has evolved into a 'motorcycling brand'
Not your fault if employer did not deposit TDS
● My previous employer had deducted the TDS before giving the salary every month, but did not deposit it to the government. Will the tax department recover the amount from me?
With rider, diabetics get cover from Day 1
INDIVIDUALS SUFFERING FROM diabetes can now get health insurance coverage from the first day after paying a rider premium.
