November 29, 2019 | News | No Comments
India is set to sign a $3-billion deal with Russia this week to lease another nuclear attack submarine that will be customised and fitted with indigenous communications systems and sensors.
The deal for the Akula class submarine — dubbed Chakra III after the first two similar vessels India obtained from Russia — will be the biggest signed with Moscow since the $5.5-billion contract for the S-400 air defence system was finalised last year.
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Sources told ET that the intergovernmental agreement for the submarine lease is likely to be inked on March 7 and that the vessel will be ready by 2025 after an extensive building programme on mothballed hulls at a Russian shipyard.