HomeNewsBusinessL&T teams up with Spain's Navantia for Indian Navy's submarine contract

L&T teams up with Spain's Navantia for Indian Navy's submarine contract

The agreement was signed in the presence of S N Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board – Navantia.

July 10, 2023 / 15:01 IST
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The agreement was signed in the presence of S N Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board – Navantia
The agreement was signed in the presence of S N Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board – Navantia

Larsen & Toubro entered into a Teaming Agreement (TA) with Navantia, Spain, on July 10 for submitting a techno-commercial bid for the Indian Navy’s P75 (India) submarine programme, the company said in an exchange filing.

The agreement was signed in presence of L&T Chief Executive Officer and Managing Director SN Subrahmanyan, and Naval Construction Vice-President and Member of the Navantia Board Augustin Alvarez Blanco. Spanish envoy to India José María Ridao Domínguez and Captain (Navy) Fernando Alvarez, Spanish Defence Attaché, were also present at the event along with senior officials from both L&T Defence and Navantia. The event was held in the premises of the Spanish Embassy in New Delhi.

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Project 75 (I)

The Naval project requires the Indian bidder to tie up with a foreign collaborator (FC) and execute the programme for delivery of six conventional submarines equipped with air-independent propulsion (AIP), while achieving the targeted indigenous content. Estimated at over €4.8 billion, it is the India‘s largest defence acquisition project. It would be followed by a 30-year lifecycle sustenance contract of similar value.