India’s Pipavav Defence and Offshore Engineering has signed an agreement with Russia’s Zvezdochka Ship Repair Centre, an affiliate of the United Shipbuilding Corporation, to establish a joint venture (JV) to refit Indian Navy (IN) Sindhughosh-class (Project 877EKM/’Kilo’) submarines.
Pipavav said in a filing to the Bombay Stock Exchange on 21 July that the equity split of the proposed JV will be 51:49, with the Indian company holding the larger stake as per India’s recently updated foreign direct investment rules. Pipavav did not disclose the proposed investment in the JV, which is subject to approvals from the Foreign Investment Promotion Board.
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