India, Germany to sign submarine deal very soon, says envoy

India and Germany are expected to sign a deal for six next-generation submarines 'very soon', German Ambassador to India Philipp Ackermann said on Thursday. The estimated €8 billion (over Rs 90,000 crore) Project-75I agreement involves Germany's ThyssenKrupp Marine Systems (TKMS) and India's state-owned Mazagon Dock Shipbuilders. 'Submarine deal, I'm very hopeful and confident that it will be signed very soon, in the next month, maybe,' Ackermann told reporters on the sidelines of an Indo-German Chamber of Commerce event.

The submarines, intended for the Indian Navy, will be built at Mazagon Dock in India. The two sides are finalising the contract, which is part of India's Project-75I submarine programme. Ackermann expressed confidence that the signing would take place within weeks.