Hindustan Shipyard Limited (HSL) and two other public sector undertakings have come together to float a consortium for building submarines.
Indigenous construction of six conventional submarines is envisaged by Ministry of Defence, a press release from HSL said on Saturday.
The MoU is a step to keep in line with the'Make In India'initiative of the government in the defence sector, it said.
The agreement aims to harness the complimentary expertise of the three companies and provide the country with a credible, domestic alternative for construction of the submarines.
The consortium would jointly stake claim with the Ministry for being considered as a prospective bidder for the proposed project of the Navy in partnership with OEM (foreign technology provider) for building six submarines at the Hindustan Shipyard Ltd, the release added.