Kalyani Group and Israel's Rafael Advanced Defense Systems Ltd. today announced formation of a Joint Venture company in India.
The JV will be a 51:49 partnership, an initiative in line with the 'Make in India' policy of the Government, Kalyani Group and Rafael said in a statement.
It would enable the development and production of high end technology systems within the country, including a wide range of technologies and systems, like missile technology, Remote Weapon Systems and Advanced Armour Solutions, they said.
The announcement was made at the five-day Asia's premier air show "Aero India 2015" being held at the Yelahanka Air base of IAF on city outskirts since yesterday.
"Kalyani Group has been at the forefront in initialising the 'Make in India' campaign. As part of this campaign we aim to develop and produce high end technology systems and expand the Defence Industry Base in our country," Kalyani Group Chairman and Managing Director Baba Kalyani said.
"We believe in the vision of 'Make in India' and our proposed Joint Venture with Rafael is a step in this direction," he said.
Rafael is Israel's second largest defence company, which designs, develops, manufactures and supplies a wide range of high tech defence systems for air, land, sea and space applications. It was established as part of the Israeli Ministry of Defence more than 66 years ago.
"As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies 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," Rafael Chairman Brig. Gen (Retd), Itzhak Gat said.
Kalyani Group, the USD 2.5 billion conglomerate, is into high technology, engineering & manufacturing activities across sectors including Defence, Automotive, Industrial and Renewable Energy.
Published 19 February 2015, 11:01 IST