L&T signs deal to manufacture artillery guns with Hanwha Techwin
The Dollar Business Bureau Indian multinational conglomerate Larsen & Toubro (L&T) signed a pact with South Korean weapons technology firm Hanwha Techwin for supplying artillery guns to the Indian Army. The deal is estimated to be worth Rs.4.5 billion (around $696.38 million), the two companies said on Friday. Jayant Patil, Head - Defence and Aerospace Wing, L&T, said that the two firms will together manufacture self-propelled howitzer. It will give a boost to the Make-in-India drive, of Prime Minister Narendra Modi, to push the local industry. The Indian Army had selected L&T for supplying 100 such guns, he said, while adding that the deal will be the first one under indigenisation campaign targeted at cutting down the army’s dependence on international imports. The bigger ...
FDI in defence is subject to industrial licensing: Parrikar
The Dollar Business Bureau The Government on Tuesday said that the foreign investments in defence sector are subject to industrial licensing, under the Industries (Development & Regulation) Act, 1951. “Foreign investment in defence industry sector is subject to industrial licensing. Licensing Committee in Department of Industrial Policy and Promotion (DIPP) takes into account security clearance from the Ministry of Home Affairs and views of the Ministry of Defence,” Defence Minister Manohar Parrikar said in a written reply to Rajya Sabha. The “Security Manual for Licensed Defence Industries” enables the licensed defence companies to follow security guidelines according to its security instructions/architectures. “The manual provides detailed guidelines on physical security/materials security/documents security/information security etc. The companies are also subjected to external security audit by ...
FDI in defence is subject to industrial licensing: Parrikar
The Dollar Business Bureau The Government on Tuesday said that the foreign investments in defence sector are subject to industrial licensing, under the Industries (Development & Regulation) Act, 1951. “Foreign investment in defence industry sector is subject to industrial licensing. Licensing Committee in Department of Industrial Policy and Promotion (DIPP) takes into account security clearance from the Ministry of Home Affairs and views of the Ministry of Defence,” Defence Minister Manohar Parrikar said in a written reply to Rajya Sabha. The “Security Manual for Licensed Defence Industries” enables the licensed defence companies to follow security guidelines according to its security instructions/architectures. “The manual provides detailed guidelines on physical security/materials security/documents security/information security etc. The companies are also subjected to external security audit by ...
Reliance Defence inks pact with 3 Ukrainian firms
Source: PTI Reliance Defence has signed strategic partnership agreement with three Ukrainian state- owned companies which will allow them to collaborate on a range of military products including transport aircraft, upgrade of armoured vehicles, maritime gas turbines and unmanned aerial vehicles. The development follows a meeting between Reliance Group Chairman Anil Ambani and Ukrainian President Petro Poroshenko in Ukraine this week. During the hour long meeting, the two leaders discussed issues of strategic interest between the Indian and Ukrainian defence and aerospace industry. "As a follow up of the meeting, a Strategic Partnership Agreement was signed between State Owned Ukroboronprom of Ukraine and Reliance Defence, which will allow it to collaborate with Antonov for its range of military and ...
HALs turnover up at Rs.16,524 crore in FY16
The Dollar Business Bureau Hindustan Aeronautics Ltd. on Tuesday declared that its turnover has surged nearly Rs.16,524 crore in FY2015-16, while the company’s exports has raised almost Rs.401 crore. HAL had generated a turnover of Rs.15,622 crore in fiscal 2014-15 and PBT (profit before tax) of Rs.3,173 crore. “It is an all-time high with PBT standing at Rs.3,210 crore for the year. All 12 Su-30 MKI aircraft produced during the year were from the raw material phase while production of 17 Hawk aircraft is the highest ever achieved in a year,” said T. Suvarna Raju, chairman and managing director, HAL. The company’s production in the FY2015-16 contained 94 new engines, supply of 143 aerospace structures, 229 aircraft and helicopters overhauled, ...
'Indigenous manufacturing to cut defence budget by 50%'
Source: PTI Noting that India imports defence equipment in large quantity, Indian Prime Minister Narendra Modi on Thursday emphasised on indigenous manufacturing to help slash the defence budget by 50% within a decade. Addressing an event in New Delhi, Modi also stressed on developing “local” technology to help people deal with daily challenges as well as the need to provide a proper environment and mobilise resources to encourage “innovation”. “Today our nation imports defence equipment in large quantity. Is it not possible that our institutions concentrate in the area of defence and research and prepare a human resource development pool which will help in making equipment cheaper to the extent that outside importers use this talent for manufacturing? India can be a ...
Indias defence export to double this year: Minister
Source: PTI India’s defence export is likely to double this year, Defence Minister Manohar Parrikar on Friday said and called for tapping friendly countries to increase sale of military equipment. India could export defence equipment to friendly countries and also neighbours as such a move would help in strengthening relations with them, he said. He was speaking at Global Business Forum organised by the IIT Alumni Association at Bambolim on the outskirts of Panaji. The technocrat-turned-politician, an IIT Bombay graduate, is a member of the association. “Export should be encouraged as we have friendly relations with many countries. These countries look towards India for their defence needs and if India does not give them the required equipment, it does not make you ...
Reliance Defence inks pact with UAE firm for naval ship manufacturing
The Dollar Business Bureau Reliance Defence Limited (RDL), a subsidiary of Reliance Infrastructure Limited, has signed an agreement with Abu Dhabi Ship Building (ADSB) for the setting up of a strategic partnership for the construction of naval ships to cater to the demands of the Gulf Cooperation Council over the next 10 years. “Under this MoU, RDL and ADSB are investigating the opportunity to set up a strategic partnership for the construction of naval ships, including frigates, destroyers and other specialised vessels to address the Gulf Cooperation Council (GCC) over the next 10 years. “The agreement could also see ADSB delivering maintenance repair, overhaul and refit services to the vessels, in line with regioan requirements," the Anil Ambani-led firm said in ...
