Mazagon Dock Confirms Ongoing Talks with Navy on ₹66,000-Crore P75(I) Submarine Project

New Delhi: State-owned defence shipbuilder Mazagon Dock Shipbuilders Limited (MDL) on Monday confirmed that negotiations with the Indian Navy and the Ministry of Defence (MoD) are actively ongoing for the strategically important Project 75(I) submarine programme, estimated to be worth ₹66,000–₹67,000 crore ($8 billion).

The clarification followed a media report published by Business Standard on January 8, 2026, titled “India, Germany in talks for $8 billion submarine manufacturing deal”, which led to heightened market interest and share price movement in MDL.

In a regulatory filing, the company stated that discussions under Project 75(I) were already disclosed earlier on August 25, 2025, with further updates on September 10, 2025, and that the negotiations are continuing as planned.

Mazagon Dock further clarified that it is not aware of any undisclosed material information that could explain the recent movement in its stock price and confirmed that no regulatory or legal proceedings are currently underway in relation to the matter.

“Other than the information stated above, the Company is not aware of any other material developments,” the company said.

Project 75(I) is a core pillar of India’s naval modernisation strategy and involves the indigenous construction of six next-generation conventional submarines equipped with advanced air-independent propulsion (AIP) technology, strengthening the Indian Navy’s underwater combat capability.