Kalyani Strategic Systems Ltd (KSSL), a subsidiary of Bharat Forge Ltd and the defense arm of Kalyani Group, and Israel Aerospace Industries Ltd (IAI) have signed an MoU to form a joint venture company (JVC) in India. Aimed at expanding the presence of these two companies in the Indian defence market, the JV will build, market and manufacture specific air defense systems and ground to ground & ground to sea munitions. The MoU was signed in Bengaluru at the Aero India exhibition yesterday by Joseph Weiss, IAI’s President and CEO and Baba Kalyani, chairman, Kalyani Group.
Baba Kalyani, chairman, Kalyani Group, commented, “The joint venture company will combine IAI’s advanced technology, knowledge and experience as an OEM with world class design, development and manufacturing capabilities of the Kalyani Group. The joint venture will provide indigenously manufactured solutions in niche technology areas of defense sector, thereby furthering the ‘Make in India’ initiative of the government.”
The JVC will integrate strategic defense systems for the Ministry of Defence in accordance with the Indian Government’s ‘Make in India’ policy.
Joseph Weiss, president and CEO, Israel Aerospace Industries, said, “We are excited to announce the next step in our partnership in India, one of IAI’s leading markets. This collaboration brings together the manufacturing and technology excellence of two leading companies and we hope we can continue with our partners at KSSL to spread our footprint in India and to continue our vast work with the ‘Make in India’ policy.”
According to Rajinder Singh Bhatia, president & CEO, defence & aerospace, Kalyani Group, the Group’s manufacturing competence is well suited to complement IAI’s products in niche segments and, together, will provide the most advanced solutions to the Indian armed forces.
KSSL is the principal company of the Kalyani Group formed for undertaking defense & aerospace business initiatives by leveraging the Group’s distinguished design, engineering and manufacturing expertise.
Boaz Levi, executive vice president and general manager of systems, missiles & space group, IAI, said, “IAI’s missiles and space group has long relations in the Indian defense forces and industries and we are happy to join hands with Kalyani Group, one of India’s leading companies to explore future opportunities for both countries strength.”
Source: http://www.business-standard.com/
