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Wednesday, July 22, 2015

Pipavav to upgrade Kilo class submarines; announces agreement with Russia to make India servicing hub

INS Sindhurakshak (S63)Eying an upcoming Rs 5,000-crore Indian contract to upgrade Kilo class submarines, Gujarat-based Pipavav Shipyard has announced an agreement with Russia that is looking to create a global servicing hub for submarines in India.

The agreement, which is likely to be converted into a joint venture company with a 51% stake for the Indian company, was inked with Russia's Zvyozdochka on Tuesday. Pipavav said this is the first time the work for refit of submarines is being considered for the private sector.

As reported by ET, Russia had been scouting for an Indian partner for the programme and had been in talks with Pipavav for the past few months.

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