No-more chakravyuh for MSMEs in defence-deals, Ravi Thodge
Sairaj Iyer Government contracts could be a great avenue for start-ups and MSMEs, but many perceive it to be a complicated route, similar to a confusing chakravyuh. Lt. Gen Ravi Thodge, ASVM, SM, VSM and Master General Ordinance with the Indian army (retd.) highlighted that this chakravyuh is fast disappearing. Speaking to a gathering of MSMEs at the World Trade Center, he shared that a defence-MSME partnership would not only help start-ups, but also offer the army indigenized products and local support. Speaking about how the initiative has been lacking over the past few years he said, “The basic desire to work with the army is lacking. In the past 2 years, I have been travelling and interacting with various MSMEs, and ...
Rolls-Royce let off the hook with heavy penalty of $800 million
The Dollar Business Bureau The British engine maker Rolls-Royce has secured a Deferred Prosecution Agreement (DPA) with the authorities in Britain, US and Brazil. To avoid further criminal prosecution and settle the enormous corruption scandal, investigation into which has been on for five years now, Rolls-Royce has agreed to pay a penalty of a little over $800 million. Seven countries; a Serious Fraud Office (SFO) investigation costing $16 million; charges of corruption and bribery spanning three decades; disciplinary proceedings against 38 employees and 30 million documents scanned! The Rolls-Royce scandal sure has all the markings of a truly international headline grabbing mega event. The niche-serving luxury brand was charged with corruption, bribery and false accounting practices with regard to its dealings in as many as seven countries, namely, Thailand, Indonesia, Malaysia, China, Russia, Nigeria and ...
Israeli defence equipment maker forms joint venture with Indian firm
The Dollar Business Bureau India’s microwave radio system manufacturer Astra Microwave Products Ltd on Monday announced that it will form a joint venture with Israeli defence manufacturing company Rafael Advanced Defense Systems Ltd to produce high-tech signal intelligence system used in defence communication. The two companies have agreed to invest $20 million over the next two years. The joint venture company will be based in Hyderabad and it is expected to start operation in the first half of 2016. “To start with, ASTRA and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approvals,” Astra Microwave said in a statement. India and Israel have long enjoyed a close commercial relation, especially in defence sector. India is one ...
India to buy 36 ready-fly fighter jets from France
The Dollar Business Bureau The Governments of India and France, on Saturday, agreed and signed various deals which include a long-pending defence deal, among others. According to the defence reports, the Prime Minister has asked the Government of France to supply 36 ‘ready-fly’ Rafale fighter jets to the Indian Air Force, reviving the deal that has been pending over years. Besides defence deal worth around $4 billion, the deals for cooperation in the field of civil nuclear energy, tourism, building smart cities, were also agreed between the two sides. Both sides agreed upon a ‘Jaitapur Nuclear Plant’ deal, as a part of cooperation in the field of civil nuclear energy too. Francois Hollande, President of France, has announced ...
