Kalyani Group and Rafael Advanced Defence Systems Ltd of Israel on Thursday announced the formation of a joint venture for the development and production of high end technologies within the country.
Speaking on the occasion, Baba Kalyani, Chairman and MD and Brig Itzhak Gat, Chairman of Rafael told reporters that the 51:49 joint venture will see the production of wide range of technologies and systems like missile technology, remote weapon systems and advanced armour solutions.
Brig Gat said, “We have always endeavoured to contribute to the modernisation of the Indian armed forces…and in Kalyani Group we see a lot of synergy and opportunities for growth in new markets and especially in India, which is strategic market for us.”
Though neither party was ready to disclose the nitty-gritty of the contract, they have been quick off the block to take advantage of the Government of India’s new policy increasing the FDI cap in defence to 49 per cent. And this one of the first big-ticket deals to be announced at the Aero India 2015 so far.
(Filed by RK Upadhya)

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