In a significant development, Mazagon Dock Shipbuilders Limited (MDL) is exploring the possibility of exporting submarine spare parts and potentially full submarines to Brazil, with a high-level delegation from the Brazilian Navy having recently met the company to discuss the potential deal, Zee Business learned from sources privy to the development. 

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The negotiations between MDL and the Brazilian delegation have reached an advanced stage, with talks centered around a deal that could be worth between Rs 4,000 crore and Rs 5,000 crore.

If finalised, the deal would mark a major milestone for MDL in the international defense export market.

Last year, MDL constituted a committee to assess the company’s potential in the global market. The committee provided an overview of expected export opportunities, and this prospective deal with Brazil aligns with those projections.

It also represents a major step forward in India's ambitious goal of achieving ₹50,000 crore in defense exports by 2029.

The agreement, expected to be finalised within the next one to one-and-a-half years, could significantly contribute to this target, underscoring India’s growing influence in the global defense manufacturing arena.

However, despite repeated attempts to seek clarification, MDL did not respond to Zee Business's email inquiry regarding the matter.

This exclusive report highlights the increasing global interest in India's defense manufacturing capabilities, with MDL at the forefront of potential large-scale exports.

One of the top-performing PSU stocks this year, Mazagon Dock shares have rewarded investors with a return of 85 per cent on a year-to-date basis, sharply outperforming a 16 per cent gain in the headline Nifty50 index.

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