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Bharat Forge forms 51:49 JV with Rafael; to manufacture high-tech defence components
NEW DELHI: Betting on Prime Minister Narendra Modi's 'Make in India' initiative, Bharat ForgeBSE 2.07 % on Thursday announced a joint venture with Israel's Rafael Advanced Defence Systems for manufacturing high-tech defence components.
The Kalyani Group announced the 51:49 defence joint venture with Rafael. The deal comes within months of the government's move to allow 49% FDI in defence manufacturing. The 51:49 joint venture will make Spike anti-tank guided missiles for the Indian armed forces and will involve transfer of technology from Rafael.
"We believe in the vision of 'Make in India' and our proposed joint venture with Rafael is a step in this direction," said Baba Kalyani, chairman of Kalyani Group, a $2.5 billion (Rs 15,535 crore) firm.
Announcing the JV, Baba Kalyani said, "The government's defence focus plan gives us huge scope of work. We plan to add the group's muscle, might to the 'Make In India' plan."
Bharat Forge will make a substantial investment in the JV over a period of time. The Kalyani-Rafael JV will help manufacture high-tech systems in remote weapons and missiles. "Rafael is working with Indian defence space for last 20 years. Defence production will be a strategic thrust area for Bharat Forge," Kalyani said.
"As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies," said Itzhak Gat, chairman of Rafael. "In Kalyani Group we see lot of synergy and opportunities for growth in new markets and especially in India which is a strategic market for us."
Kalyani Group executive director Amit Kalyani said that the government had recently increased foreign direct investment cap in defence to 49% and the partnership will be among the first few ventures under the new FDI limits.
India is the largest customer of Israeli military equipment.
Bharat Forge forms 51:49 JV with Rafael; to manufacture high-tech defence components - The Economic Times
NEW DELHI: Betting on Prime Minister Narendra Modi's 'Make in India' initiative, Bharat ForgeBSE 2.07 % on Thursday announced a joint venture with Israel's Rafael Advanced Defence Systems for manufacturing high-tech defence components.
The Kalyani Group announced the 51:49 defence joint venture with Rafael. The deal comes within months of the government's move to allow 49% FDI in defence manufacturing. The 51:49 joint venture will make Spike anti-tank guided missiles for the Indian armed forces and will involve transfer of technology from Rafael.
"We believe in the vision of 'Make in India' and our proposed joint venture with Rafael is a step in this direction," said Baba Kalyani, chairman of Kalyani Group, a $2.5 billion (Rs 15,535 crore) firm.
Announcing the JV, Baba Kalyani said, "The government's defence focus plan gives us huge scope of work. We plan to add the group's muscle, might to the 'Make In India' plan."
Bharat Forge will make a substantial investment in the JV over a period of time. The Kalyani-Rafael JV will help manufacture high-tech systems in remote weapons and missiles. "Rafael is working with Indian defence space for last 20 years. Defence production will be a strategic thrust area for Bharat Forge," Kalyani said.
"As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies," said Itzhak Gat, chairman of Rafael. "In Kalyani Group we see lot of synergy and opportunities for growth in new markets and especially in India which is a strategic market for us."
Kalyani Group executive director Amit Kalyani said that the government had recently increased foreign direct investment cap in defence to 49% and the partnership will be among the first few ventures under the new FDI limits.
India is the largest customer of Israeli military equipment.
Bharat Forge forms 51:49 JV with Rafael; to manufacture high-tech defence components - The Economic Times
