MUMBAI: Shares of shipbuilders surged on Friday following reports that the defence ministry has cleared projects to build six conventional submarine s for the Indian Navy. Shares of Mazagon Dock Shipbuilders jumped 5%, while Reliance Navel & Engineering Ltd climbed 6%. The request for proposal (RFP) from companies for the make-in-India project christened “P-75 India", or Project 75, will be issued soon. Specifications of the submarines and other critical requirements have been completed by the Indian Navy. According to some estimates, its submarine fleet comprises as many as 66 craft, both conventional and nuclear.

Source: Mint June 04, 2021 09:22 UTC