Israel and India sign $630 mn deal to develop missiles for Indian navy
The Dollar Business Bureau Israel Aerospace Industries (IAI) the official branch of Israel defence said today that it has signed another deal worth $630 mn to supply Long Range Surface to Air Missile (LRSAM) systems to the Indian navy. The deal would be jointly executed by Bharat Electronics Ltd (BEL) serving as the main contractor in the project, IAI and DRDO. The development of the missile in India would give a boost to the PM’s Make in India campaign. This is also going to be Israel’s largest defence contract with India which is worth $2 billion. It is aimed to equip the Indian navy with state-of-the-art missile defence systems. IAI will be developing the LRSAM systems in joint collaboration with Defence Research and Development ...
Venkaiah lays foundation stone of BEL's optics mfg facility
PTI Andhra Pradesh Chief Minister N Chandrababu Naidu and Union Information and Broadcasting Minister M Venkaiah Naidu on Monday laid the foundation stone for the long-delayed Bharat Electronics Limited's new optics manufacturing facility at Nimmaluru village near here. BEL, which has a similar facility in Machilipatnam town, wanted another 50-acre site for expansion of its activity and made a request to the state government way back in 2008. After clearing several hurdles, the state government finally allotted the required land to BEL in April this year. This will be the largest night vision equipment manufacturing facility in the country. BEL will manufacture futuristic optical, night vision and soldier surveillance devices at a cost of Rs 300 crore ...
Cabinet approves 10% disinvestment in HUDCO
The Dollar Business Bureau The Cabinet Committee on Economic Affairs (CCEA) has given nod for the disinvestment of paid up equity in Housing and Urban Development Corporation Ltd (HUDCO) on Wednesday. The CCEA chaired by the Prime Minister Narendra Modi approved for the sale of 10% stake in the state-owned firm through Initial Public Offering (IPO) as per the rules and regulations of Securities and Exchange Board of India (SEBI). Currently, the Government of India owns 100% shareholding in the HUDCO. The paid up equity capital of the company is Rs.2,001.90 crore and its net worth is around Rs 7,800 crore. Under the Ministry of Housing and Urban Poverty Alleviation, the HUDCO was formed on 25th April 1970 as government enterprise. It provides finance ...
Niti Aayog submits roadmap to PMO for PSU reforms
The Dollar Business Bureau To initiate improvements in public sector units (PSUs), a roadmap reform has been submitted by NITI Aayog to the Prime Minister's Office (PMO). This is with regard to the closing and strategic sale of government shareholdings in some earmarked PSUs. “NITI Aayog has provided two different lists of public sector companies - one is that of sick companies which are in the list-of-probables for closure and the second is of companies which should be divested,” a source said. Through a strategic sale, the government will reduce its stake to 49 percent or less in these PSUs, the source added. In his Budget speech 2016-17, Finance Minister Arun Jaitley had referred to the sales of PSUs that NITI Aayog will undertake. In line with that ...
