Indian company Pipavav Defense & Offshore Engineering Co Ltd and the Russian ship repairing center Zvezdochka attached to the United Shipbuilding Corporation (USC) have signed an agreement to set up a joint venture to repair diesel electric submarines of Project 877EKM in India, the Indian company said.
It said the approximate cost of the project stood at $1.7 billion; the Russian partner would have a 49 oercent share in the joint venture, and the Indian partner would control 51 percent.
Zvezdochka undertook to give technical support to the joint venture, including the creation of its infrastructures and personnel coaching.
The Indian Navy put into service Russian submarines of Project 877EKM in 1986.
The Indian media has said that Pipavav was chosen by Russia for the joint construction of the third series of frigates of Project 11356 for the Indian Navy.
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