Reliance signs defence deals with Rafael worth $10 billion
The Indian Air Force already uses Rafael’s aerostat systems for meeting its communication, intelligence, reconnaissance and surveillance requirements
Reliance Defence Ltd. and Rafael Advanced Defence Systems Ltd. of Israel on Tuesday signed a $10 billion (Rs.65,000 crore) agreement to jointly produce and develop air-to-air missiles, defence systems and large aerostats in India. The collaboration will give a huge thrust to India’s indigenous defence manufacturing ambitions, especially in the areas of developing high precision and state-of-the-art weapon systems in the country. “The strategic partnership with technology power house and one of the world leaders in defence technologies, Rafael Advanced Defence Systems Ltd. of Israel will mark the entry of Reliance Defence in the complex field of air-to-air missiles and air defence systems manufacturing in India,” Reliance said in a statement. The joint venture agreement will have 49% holding from Rafael and 51% from Reliance defence on the current FDI norms. The government currently allows up to 49% foreign direct investments (FDI) in defence under automatic route. The Rafael-Reliance joint venture will be established at Pithampur, Indore (Madhya Pradesh) with an initial capital of over Rs.1,300 crore, excluding technology cost, and is expected to generate more than 3,000 jobs. Rafael is a global leader in manufacturing air-to-air missile weapons, with renowned brands such as Python and Derby. In the air defence segment, the company has SPYDER in the short range and medium range; and in surface to air it has Barak missiles family, also in the short range and medium range. The Indian Air Force already has in it use Rafael’s aerostat systems for meeting its communication, intelligence, reconnaissance and surveillance requirements. “The two companies, through the joint venture, will offer the entire range of products in these fields to the Indian Armed Forces. Rafael is also willing to offer solutions through the joint venture company even for the ongoing "Buy Global" programs where it is currently competing, in line with "Make in India" initiatives of the Indian government,” Reliance said.
March 30, 2016 | 05:20pm IST
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