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The Dollar Business Bureau  Ballarpur Industries, which is in the process of selling 98.08% stake to Malaysia-based Sabah Forest Industries, at a staggering $500 million, will receive $50 million as an advance payment from Pandawa Sakti in early June. Pandawa Sakti will pay the balance amount to purchase Sabah Forest Industries (SFI) by June 30th. In a Bombay Stock Exchange (BSE) filing, Ballarpur Industries stated that the buyer will make an advance payment by June 3rd, and balance equity consideration that will complete the purchase will be paid by June 30th. In addition to the guaranteed $31.5 million, Pandawa Sakti is likely to provide another $17.5 million as an additional security by May 31st. Based on the formalities that are yet to be completed by ...

The Dollar Business Bureau Government of India has cleared defence proposals worth over Rs 30,000 crore at a meeting of the Defence Acquisition Council (DAC) chaired by the Defence Minister Manohar Parrikar, in New Delhi on Tuesday. The deals also include purchasing of 428 guns under ‘buy and make’ category, which is likely to cost an exchequer Rs 16,900 crore and is being viewed as a major priority for the Indian Army. For this purpose, the government is keen towards the local companies and was also said to have sought representations from the local makers. However, only two Indian companies Punj Llyod and Bharat Forge were said to have responded to the army request for information on the procurement plan. Besides, ...

Source: PIB, Government of India The Department of Industrial Policy & Promotion (DIPP) has been in the vanguard for undertaking major reforms to promote defence manufacturing under 'Make in India' initiative. Continuing with the momentum created, it has so far issued 73 industrial licenses in defence sector during last one year (since June 2014), against 50 licenses granted during 2011 to May 2014. These include 16 proposals with proposed investment of Rs. 613 crores, cleared in recent Licensing Committee meeting chaired by Secretary, DIPP, held on June 10, 2015. The proposals cleared in last Licensing Committee meeting included applications from major players like Pipavav, Tatas, Samtel Thales, Solar Industries, Titagarh, Wagons, Premier Explosives etc. Many of these proposals were pending ...

Source: PIB, Government of India During an official visit to India, Dr. Ashton Carter, the United States Secretary of Defence, met Defence Minister Manohar Parrikar and called on Prime Minister Narendra Modi. He also met the External Affairs Minister Sushma Swaraj and the National Security Adviser Ajit Doval. Before arriving in Delhi, Secretary Carter also visited the Eastern Naval Command. Parrikar and Secretary Carter discussed the India-U.S. defence relationship, and the broader India-US Strategic Partnership, and reaffirmed their commitment to expand and deepen the bilateral defence relationship. The two also reviewed the existing and emerging regional security dynamics. The Defence Minister and Secretary Carter signed the 2015 Framework for the India-US Defence Relationship, which builds upon the previous framework and successes ...

Source: PIB, Government of India Leading a high level delegation, the US Secretary of Defence Dr. Ashton Carter will arrive in Visakhapatnam shortly today on a 3 day visit to the country. This would be Dr Carter’s first visit to India as Secretary of Defence. He had earlier visited India in September 2013 and July 2012 as Deputy Secretary of Defence. As Deputy Secretary, Dr Carter was the main architect of the India-US Defence Technology and Trade Initiative (DTTI) and advocated support for treating India at the same level as their closest partner in terms of extent and level of technology transfer, co-development, co-production and collaborative ventures, expedited approval process for licenses, etc. Dr. Carter after visiting Visakhapatnam based Eastern Naval ...

Source: PIB, Government of India Defence manufacturing is one of the key sectors among the 25 sectors identified under the ‘Make in India’ campaign launched by the Government of India. A number of initiatives have been taken by the new Government to incentivise private sector, including foreign OEMs (original equipment manufacturers) to engage in the Defence and Civil Aerospace sector. A series of consultations have been held across Ministries / Departments under the mentoring of PMO (Prime Minister’s Office) to enable simplification of rules and procedures to promote private participation under defence manufacturing and exports. This is hoped to stimulate big ticket investments and incentivise Manufacturing. There was a long standing demand of the private sector manufacturers to bring parity ...

The Dollar Business Bureau Taking ahead its existing naval cooperation, India is likely to team up with Russia over a deal aimed at building the war ships on its own territory. India could soon team up with Russia to build frigates ships and the Indian Ministry is reportedly interested in setting up a deal to build the war ships on its own territory alongside Russian producers, said a defence news report, on Thursday. Referring to a Russian news organization to have provided information in this regard, the defence report informed that the Indian government is interested in the joint production of vessels, just two years after the completion of prior deals in which Russian producers delivered six frigates. The ...

 The Dollar Business Bureau South Korean companies will play a strategic role in partnering with Indian companies, said industry body FICCI. While describing the bilateral cooperation as “path breaking”, the Federation of Indian Chambers of Commerce and Industry (FICCI) said that the initiative will pave ways for joints strategies to develop a stable and secure South East Asian Region from the defence and aerospace perspective. Praising South Korean industries for cutting-edge technologies, products and systems, the industry body said that many of these are apt for adaptation and building in India for Indian armed forces through co-development and co-production under the Make-in-India initiative of the Indian government. During Prime Minister Narendra Modi’s visit, both the countries agreed to work towards ...