The Kalyani Group and Rafael Advanced Defence Systems Ltd have announced the formation of a 51:49 joint venture company in India.
The initiative will 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.
“As part of the ‘Make in India' campaign we aim to develop and produce high end technology systems and expand the Defence Industry Base in our country. Our proposed JV with Rafael is a step in this direction,” Baba Kalyani, Chairman, Kalyani Group, said in a statement.
Brig. Gen (Retd), Itzhak Gat, Chairman, Rafael, said, “Rafael has been an active participant in the Indian Defence market for the past few years. 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 a strategic market for us."
The Pune-based Kalyani Group has forgings major Bharat Forge as its flagship company.
Rafael is Israel's second largest defense company, with 2013 sales of $ 2.047 billion, an order backlog of $4.3 billion and a net profit of $101 million.
Tie-up with Boeing
Our Mumbai Bureau adds: On Wednesday, Bharat Forge signed a multi-year contract with Boeing Commercial Airplane to supply titanium forgings for wing components for the Next-Generation 737 and 737 MAX.
Under the agreement, Bharat Forge will begin supplying pre-machined forgings from its facilities in Pune and Baramati to Boeing in the first quarter of 2016.