Germany's TKMS and Indian shipyard sign submarine construction pact worth €5bn.

ThyssenKrupp Marine Systems (TKMS) has signed a memorandum of understanding with Indian shipyard Mazagon Dock Shipbuilders Ltd. for the intended construction of conventional, air-independent propulsion submarines. The German vendor will provide engineering, design, and consultant services, while manufacturing and delivery will be handled by Mazagon. The agreement is said to cover activities worth €7 billion ($7.5 billion) and is seen as a step towards securing a potential $5.2 billion deal for six new submarines for the Indian Navy.