The Indian Navy is set to finalize three major defense deals by the end of 2024, including contracts for three new Scorpene submarines, 26 Rafale-Marine fighter jets, and 31 MQ-9B drones.
To strengthen its underwater capabilities, the Navy plans to induct three additional Scorpene submarines, which will be constructed at the Mazagon Dockyard in Mumbai. This deal, valued at around ₹40,000 crore, will involve significant contributions from Bharat Electronics Limited, according to defense sources.
The second major deal expected to conclude this fiscal year involves procuring 26 Rafale-M fighter jets for the INS Vikrant. The Navy aims to expedite the project to enhance its maritime capabilities and equip the indigenous aircraft carrier INS Vikrant with advanced fighter jets. Negotiations have already seen two rounds of discussions, with further talks expected soon.
The third deal involves the acquisition of 31 MQ-9 drones from the United States under a foreign military sales contract. Valued at ₹32,000 crore, this agreement is slated to be finalized by October 31, 2024.