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Reliance-Rafael joint venture to develop advanced weapon systems in India

India Blooms News Service | | Mar 29, 2016, at 07:46 pm

#Reliance Rafael # joint venture to develop advanced weapon systems in India

Mumbai, Mar 29 (IBNS) Reliance Infrastructure Limited, announced on Tuesday that Rafael Advanced Defence Systems Limited of Israel has decided to set up a joint venture company in India with its fully owned subsidiary, Reliance Defence Limited.

The joint venture company will work in highly specialized areas of Air to Air Missiles, Air Defence Systems and large Aerostats.

This will provide a big thrust to the field of indigenous production and development of high precision and state of the art weapon systems in India, said the company.

Reliance Defence will have 51% holding in the partnership and Rafael 49% as per the current guidelines of the Government of India.

The joint venture company will be located at Pithampur, Indore in Madhya Pradesh.

The company expects the joint venture to generate more than 3000 highly skilled jobs.

The project will have an initial capital outlay of more than INR 1,300 crore, without including the cost of technology.

Rafael has already provided large aerostat systems to the Indian Air Force for meeting its surveillance, reconnaissance, communication and intelligence needs.

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, said Reliance.

Based on the current requirements, the joint venture company will address multiple programs valued at more than INR 65,000 crore over next 10 years.

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