India, Russia to sign USD 3.3 billion nuclear submarine deal on March 7: Report

India and Russia will sign a deal on Thursday to lease an Akula-class nuclear submarine -- called INS Chakra III -- for the Indian Navy. The submarine is likely to be ready by 2025 after refurbishment, reported The Economic Times. According to the report, the deal worth $3 billion deal entails the lease of a nuclear attack submarine "that will be customised and fitted with indigenous communications systems and sensors". 

The report added: "While the mothballed nuclear submarine had been shipped to the Russian port town of Severodvinsk in 2014, sources said that it will be akin to a new vessel once ready, given the extent of work required to make it operational." Sputnik News reported that it was in November last year that Naval Chief Admiral Sunil Lanba had "discussed with Russian authorities the co-production of a conventional submarine at Indian shipyard and leasing of an Akula-class submarine".

The first INS Chakra was a K-43 Charlie-class nuclear-powered cruise missile submarine that was in the Indian Navy's service from 1987 to 1990. INS Chakra II is the Nerpa (K-152), an Akula-class nuclear-powered attack submarine, that has been in active service under the Indian Navy since April 2012.