Mumbai, March 6 -- According to media reports, the Indian Navy is looking to finalise an agreement with Germany's Thyssenkrupp Marine Systems (TKMS) to procure six advanced conventional submarines, which would be built in Mumbai by Mazagon Dock under a technology partnership.

Responding to a query from the stock exchanges regarding the report, the company said that Contract Negotiation Committee (CNC) negotiations between the government and Mazagon Dock Shipbuilders have been completed and the proposal has been submitted for approval by the competent authority.

The company added that apart from this update, it is not aware of any other material developments that could explain the movement in its share price.

Mazagon Dock Shipbuilders...