Kalyani Group announces joint venture with Israel’s Rafael Advanced Defence System
India’s Kalyani Group has announced a joint venture (JV) with Rafael Advanced Defence System of Israel. This joint venture company will be based in India.
It was announced by Chairman and Managing Director (MD) of Kalyani Group Baba Kalyani.
It will be the first such venture under the new Foreign direct investment (FDI) limits in defence sector.
Key facts
- The joint venture company initiative is in line with the government’s Make in India policy.
- It will enable the development and production of high-end technology and expand the defence industry base in the country.
- The joint venture will be a 51:49 partnership basis.
- Kalyani Group will be holding 51 per cent stake in it as per the new FDI norms (FDI cap in defence to 49 per cent). While, Rafael Advanced Defence System will be holding 49 per cent stake.
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Month: Current Affairs - February, 2015