Mazagon Dock Shipbuilders Limited (MDL), a leading public sector shipbuilding company, has provided a clarification regarding the recent news circulation about its ongoing submarine projects. These projects, namely P75(1) and P75 Additional Submarine, are crucial for the Indian Navy and involve substantial defense contracts. The company has taken a step towards maintaining transparency by addressing these developments in accordance with Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

P75(1) Project
The first project, P75(1), involves the construction of submarines for the Indian Navy under a contract with the Ministry of Defence (MoD). Mazagon Dock confirmed that the commercial bid submitted by the company for the P75(1) project has now been opened by the Ministry of Defence. This step marks the beginning of further processing, as the project moves forward in its evaluation and decision-making stages.

P75 Additional Submarine Project
The second project, referred to as the P75 Additional Submarine project, is a continuation of the P75 program for the construction of Scorpene-class submarines. In the latest update, MDL clarified that commercial negotiations regarding the three additional submarines are ongoing. This indicates that while progress is being made, the details and finalization of the deal are still in the process of being ironed out.

Both of these projects are significant for Mazagon Dock Shipbuilders, as they play a crucial role in strengthening India's naval capabilities. The company, known for its expertise in shipbuilding and submarine construction, is eager to continue its collaboration with the Indian Ministry of Defence.

The disclosure provided by Mazagon Dock Shipbuilders ensures compliance with SEBI regulations, furthering its commitment to maintaining transparency and keeping stakeholders informed about the ongoing developments.

As the commercial bids for P75(1) are processed and the negotiations for additional Scorpene-class submarines advance, Mazagon Dock is set to continue making strides in India's defense sector. The company remains committed to contributing to the modernization of the Indian Navy through these important projects.

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