Germany and India have agreed to expand cooperation in the defence sector during talks in Ahmedabad. A declaration of intent was signed during Chancellor Friedrich Merz’s visit, with plans including submarine construction in India and wider cooperation covering defence, technology, jobs, and critical resources.
Thyssenkrupp is to retain a majority stake of 51% in TKMS through a new holding company. The remaining 49% of TKMS shares are to be transferred to Thyssenkrupp shareholders in proportion to their shareholdings, making them direct shareholders of TKMS.
The Ukraine war and expanding global conflict showered a windfall on German arms companies like Rheinmetall and TKMS, with some startups like Helsing becoming the upstarts of the weapons industry, and other legacy companies like Heckler & Koch even experiencing a dramatic reversal of fortunes.
At the end of the 2023/2024 financial year, the order backlog stood at €11.7 billion, but the figure has now risen to €18 billion after significant orders from Germany and Singapore.
Two of the contenders; Mitsubishi/Kawasaki of Japan and Navantia of Spain have failed to submit the requested information for their Soryu and S-80 submarines to the Indian Navy.
The Indian Navy has extended the deadline for submission of responses to the Project-75(I) submarine RFI to October 16th.
This scandal has a line-up of significant curiosities including a series of conflicts of interest and shareholding that will make you go “Hmmm”.
