MDL Moves Forward in P75(I) Project

25 Jan 2025 CW Team

In a recent exchange filing, Mazagon Dock Shipbuilders Limited (MDL) confirmed that the commercial bid for the P75(I) project, which aims to enhance India's naval capabilities, has been opened by the Ministry of Defence for further processing. The company revealed that commercial negotiations for the project are underway.

MDL has been actively engaged in the construction of Scorpene-class submarines, with five completed and delivered to date. The sixth submarine is expected to be delivered soon. The company remains optimistic about securing additional orders for the project, with expectations to finalize contracts for three more submarines.

A significant upgrade for the project is the integration of the Air Independent Propulsion (AIP) system. This advanced plug allows submarines to remain submerged for up to three weeks, a substantial enhancement in the operational capability of conventional submarines. MDL anticipates a robust pipeline for retrofitting submarines with the AIP system.

In the competitive bid process, a joint proposal from Larsen & Toubro (L&T) and Spain's Navantia was reportedly disqualified based on the project’s criteria. The Defence Acquisition Council (DAC), chaired by the Defence Minister, is expected to meet soon to select the winning bidder for the project.

The P75(I) project is crucial to India's defense strategy, focusing on the construction of six advanced submarines with AIP systems. The initiative is seen as a key component in strengthening India's naval forces, particularly in the Indo-Pacific region where strategic security concerns are mounting.

MDL's shares have seen a positive surge, with a 3.6% increase, trading at ?2,372 (approximately $28.7) per share. The outcome of the P75(I) project evaluation could further influence investor confidence in the company.

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