Israeli manufacturer Rafael Advanced Defense Systems Ltd. reported today that it has signed a cooperation agreement worth $10 billion with Indian giant Reliance Defense. The agreement, signed at the Defexpo India exhibition in Goa was attended by Israel's Ambassador to India Daniel Carmon and Rafael CEO Yoav Har-Even. Reliance Defense is owned by Indian billionaire Mukesh Ambani.
As part of the agreement, Rafael and Reliance will collaborate in developing, manufacturing and delivering air defense systems, air-to-air missiles, and large surveillance balloons (aerostats) for the Indian defense market.
28 Israeli companies are present at the Defexpo defense exhibition, which opened in India yesterday, the largest such number ever to attend an Indian defense event.
Reliance will hold 51% of the joint venture and Rafael 49%. 3,000 people will be employed at the joint venture in Dhirubhai Ambani Land Systems Park, Pithampur, Indore, Madhya Pradesh.
Published by Globes [online], Israel business news - www.globes-online.com - on March 29, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016