India to spend Rs 500,000,000,000 on 6 submarines

With the Navy trying to speed up a new production line for the next generation diesel-electric submarines, the Defence Ministry has given its "in principle" nod to a Rs 50,000-crore project for building six vessels, but is stuck on finding a private shipyard to take on the mantle.

At a recent Defence Acquisition Council (DAC) meeting, chaired by Defence Minister A K Antony, the urgency in having the second production line was discussed with all seriousness and the nod for the project, codenamed Project 75I, was given, a senior Defence Ministry source said in New Delhi.

"Though the Ministry is yet to work out the formula by which the submarines will be produced, it has been decided to encourage private sector to participate and take the responsibility upon themselves.