Indian Company Mulls Joint Construction of Warships With Russia, UK
17:46 29.01.2016
India's shipbuilding company Bharatu Shipyard, which has a license to build warships in India, has been discussing with Russian and British companies the joint construction of naval vessels, the Mumbai-based newspaper The Economic Times reported on Friday.
'Bharati Shipyard has a license to build warships in India. The company is now looking to monetize that and is in talks with a couple of players,' ET reported, citing a source with knowledge of the matter.
According to the newspaper, taking part in the talks are a UK company and a firm affiliated with Russia's United Shipbuilding Corporation.
According to another source, cited by the newspaper, Bharati Defence & Infrastructure could set up a subsidiary to build the warships at two of the six shipbuilding yards owned by the company.
The exact investment needed for the project and the likely share of partners are being negotiated as are the exact investment needed for the project and the likely share of partners.
The foreign partner could take 49% of a joint venture.
The Indian Navy is expected to spend around $18 billion on warships in the coming years, the newspaper added.
© Sputnik
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