In their talks, Modi and Merz are likely to deliberate on trade and investment ties as New Delhi is looking at deepening economic engagement with Europe against the backdrop of Washington's 50 percent tariff on Indian goods, people familiar with the matter said.
The first project that is being negotiated is for the procurement of three Scorpene submarines, which will be jointly constructed by state-run Mazagon Dock Limited (MDL) and French defence major Naval Group.
HAL, BEL and MDL feature on Sipri's list of the 100 largest arms producers in the world.
Christened 'Vela', the submarine was launched on May 6, 2019, and has completed all major harbour and sea trials including weapon and sensor trials despite COVID-19-induced restrictions, the Navy said.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
The warship is packed with a plethora of sophisticated sensors, modern radar and weapons systems such as surface-to-surface missiles and surface-to-air missiles, according to the Indian Navy.
The development marks a major milestone in Indian Navy's submarine programme as the vessel is expected to bolster India's maritime prowess
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
Built at the Mazagon Dock Shipbuilders Ltd in Mumbai, the ship's construction also marks the end of the Project 15A to build Kolkata-class guided missile destroyers.
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