17 warships, nine submarines await approval
According to the sources, 'Request for Proposal of the Rs 70,000 crore project 17 B, for construction of seven Next Generation Frigates, along with the project to construct two Multi Purpose Vessels' is likely to be out soon.
'Project 75-India (I) and Project 75 (add-ons) are under advanced stages of the Cost Negotiation being done by the Committee (Cost Negotiation Committee-CNC),' added the source.
Project 75-I is for the construction of six modern submarines, with an estimated cost of Rs 70,000 crore. Project 75 (add-ons) is for the construction of three Scorpene-class submarines, costing approximately Rs 36,000 crore.
Another project, with a construction cost of approximately Rs 36,000 crore, belonging to the eight Next Generation Corvettes (NGC), is in the pipeline. These will result in a cumulative cost of over Rs 240,000 crore once approved.
The Indian Navy's planning is based on capability and capacity building, rather than threat perception, which may change over time, according to Commodore Anil Jai Singh (Retd), a defence analyst.
'The addition of warships and submarines is for the replacement of the old platforms with those equipped with modern and improved technologies. These additions are also to cater for renewals,' Commodore Singh added.
The addition of new capital ships and boats is significant, as the Chinese PLA Navy, with 355 warships and submarines, has become the largest navy in the world, with an increased presence in maritime bodies around the globe, including the Indian Ocean. India Navy's total fleet strength is over 130.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
18 minutes ago
- Hans India
Union Minister Singh highlights Defence investment's catalystic impact on India's economy
New Delhi: Highlighting the economic benefits of investment in the Defence sector, Union Minister Rajnath Singh on Monday stressed judicious utilisation of the Budget by spending at the right time for the right objective, underscoring the need for efficient use of the taxpayers' money. Speaking at the Controllers' Conference 2025 of the Defence Accounts Department (DAD), the Minister said, 'We need to be responsible in utilising the Budget as it comes from the hard-earned money of the public. The Budget should be used optimally – for the right purpose, at the right time.' He also highlighted the fact that the country's Defence Budget is bigger than the GDP of some countries. Defence Minister Singh pointed out that gone were the days when expenditure in the Defence sector was only considered necessary and never viewed as an economic catalyst. 'Now, it is being seen as a spending which has a multiplier impact on the economy,' he said. 'Earlier, there was no assessment of the economic impact of expenditure on security but things have changed now when investment in re-armament is rising exponentially. We need to pay special attention to Defence economics,' said Defence Minister Singh. He also praised the measures taken by the Defence Acquisition Council for starting procurement from the Government e-Marketplace (GeM). He also called for measures to serve veterans better and appreciated steps like introduction of centralised database management. The conference inaugurated by the Defence Minister will foster discussions on policy dialogue, strategic review and institutional innovation and serve as a platform for shaping the future of India's Defence financial architecture. The conference, that will be held till July 9, aims to bring together top leadership from DAD, civil services, academia, think-tanks, and stakeholders across the Defence and finance sectors. 'It serves as a vital platform for evaluating challenges, initiating reform, and advancing the role of financial governance in Defence preparedness,' said the Defence Ministry in a statement.
Deccan Herald
24 minutes ago
- Deccan Herald
Smartworks Coworking Spaces sets IPO price band at Rs 387 to Rs 407 per share
New Delhi, Smartworks Coworking Spaces Ltd on Monday fixed a price band of Rs 387-407 per share for its Rs 583 crore Initial Public Offering (IPO)..The IPO is scheduled to open for public subscription on July 10 and conclude on July 14, and the bidding for anchor investors would open for a day on July 9, the company company has revised its IPO size downward. The fresh issue has been reduced to Rs 445 crore from the earlier planned Rs 550 crore, while the Offer for Sale (OFS) has been cut to 33.79 lakh shares from 67.59 lakh the upper end of the price band, now the company's IPO size is estimated at Rs 583 crore, with a market valuation of about Rs 4,645 from the fresh issue to the tune of Rs 226 crore will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs 114 crore will be allocated for payment of loans, and the remaining funds will be utilised for general corporate Coworking Spaces Ltd is a leading platform for office experiences and managed specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern campuses include cafeterias, sports zones, gyms, medical centres, and more, offering a modern and attractive work environment. The company cater to businesses of all sizes, with a focus on mid-to-large companies that need over 300 company is concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and FY23 and FY25, Smartworks expanded its operations by adding 2.83 million sq ft of space under management, achieving a CAGR (compound annual growth rate) of 20.80 per strong pan-India presence, competitive pricing, and ability to lease entire or large properties make it a preferred partner for mid-to-large enterprises. This is reflected in the 20.80 per cent CAGR in space managed and a 38.98 per cent CAGR in revenue from operations during the same of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd and Kotak Mahindra Capital Company Ltd are responsible for managing the company's IPO process. The company shares are expected to be listed on July 17 on the BSE and NSE.
&w=3840&q=100)
Business Standard
33 minutes ago
- Business Standard
Myntra Kotak credit card ends July 10: Here's what changes for users
Kotak Mahindra Bank will discontinue its co-branded Myntra Kotak Credit Card from July 10, 2025, and migrate all existing cardholders to the Kotak League Platinum Credit Card, the lender has told customers in an email. What's changing for cardholders? From July 10, the Myntra Kotak Credit Card will no longer be valid for transactions. Cardholders will automatically receive the Kotak League Platinum card as a replacement. Those who prefer not to migrate can choose to close their account by contacting the bank's customer care before the migration date. Users are also advised to update any standing instructions or auto-payments linked to their existing card to avoid disruptions. Key features of the Kotak League Platinum Credit Card The Kotak League Platinum card offers broader usage benefits but does away with Myntra-specific rewards. Rewards: Earn eight reward points for every Rs 150 spent on general purchases (excluding certain categories like fuel, rent, wallet loads, education, and gaming). Railway surcharge waiver: Up to Rs 500 per year. Milestone benefits: Spend Rs 1.25 lakh in six months to get 4 PVR tickets or 10,000 reward points. How does it compare to the Myntra card? The Myntra Kotak Credit Card offered 7.5 per cent instant discounts on Myntra purchases and 1.25 per cent cashback on other spends, alongside a complimentary Myntra Insider membership. However, the League Platinum focuses on reward points and milestone benefits instead of brand-specific discounts. Additionally, Kotak has from June 1 revised its credit card rewards policy. No reward points will be earned on utility bill payments above Rs 35,000 per billing cycle, or on wallet loads, insurance, and select other categories. What should cardholders do? Review the League Platinum card's rewards and fee structure to see if it suits their spending habits. Update recurring payments linked to the old card. If the new card doesn't fit their needs, consider exploring alternative options or requesting card cancellation. Kotak Mahindra Bank has assured customers that the annual fee for the new card will remain the same as the Myntra card at Rs 499 plus taxes.
