Pune: As part of Prime Minister Narendra Modi’s visit to Israel this week, executives from Israel Aerospace Industries (IAI) and Kalyani Strategic Systems Ltd (KSSL), a subsidiary of Bharat Forge Limited, signed a Memorandum of Understanding (MoU) to expand the joint venture the companies are establishing.
The new MoU covers the establishment of a maintenance centre for selected advanced air defence systems in Hyderabad. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, IAI had inked an MoU with KSSL on establishing a joint venture that will develop, build, market and manufacture selected air defence systems and lightweight special purpose ammunition.
Chairman and MD, Bharat Forge Limited, Baba Kalyani said, "In line with our Prime Minister’s idea of forging a technology-based partnership with Israel, this joint venture with IAI furthers the idea of ‘Make in India’ initiative and will provide world class solutions including life-cycle support to Indian defence."
IAI's President and CEO Joseph Weiss said, "India has been IAI’s partner for many years as well as a key market for us. The Indian government’s ‘Make in India’ initiative requires international companies to rethink their operations in India. The changes in India have not gone unnoticed by IAI. We have been revamping our operations in India and believe that we will preserve our position in India for both countries continued growth."