thyssenkrupp Marine Systems is one of the world's leading naval companies and is active as a systems supplier for submarines and naval surface vessels as well as for maritime electronics and security technologies.

According to the memorandum of understanding (MoU), thyssenkrupp Marine Systems would contribute to the engineering and design of the submarines as well as the consultancy support to this joint project and Mazagon Dock Shipbuilders would take responsibility for constructing and delivering the respective submarines.

The construction of the submarines would take piace in India and is expected to have significant local content.

With the signing of the MoU, thyssenkrupp Marine Systems lays the foundation for a possible cooperation with Mazagon Dock Shipbuilders to compete in the tender of the Indian Navy.

Mazagon Dock Shipbuilders is one of India's leading defence public sector undertaking shipyard under the Ministry of Defence. Its main activities are construction of warships and submarines.

The company's standalone net profit surged 119.4% to Rs 318 crore in Q4 FY23 as against Rs 144.92 crore posted in Q4 FY22. Revenue from operations jumped 48.9% year on year to Rs 2,078.59 crore in Q4 FY23 over Q4 FY22.