Mukhesh Ambani owned Reliance defence has entered into a deal with Israeli based Rafael defence to manufacture air to air missile systems, air defence and observatory balloons.
Features of the deal
- Reliance will hold 51% of the stake and Rafael will hold 49% in the joint venture agreement
- They will target over $ 10 billion in the next 10 years
- The project will have an initial capital outlay of more than Rs.1,300 crore, excluding the cost of technology
- This is one of the biggest joint venture between an Indian firm and a foreign company in the field of Manufacturing of air to air missiles.
- The Manufacturing hub will be set up in India following the Make in India and Skill India initiatives
- Location: Dhirubhai Ambani Land Systems Park at Indore in Madhya Pradesh
- It has industrial licences for the full spectrum of military platforms
- It is the fastest emerging private sector enterprise in the development, manufacture and supply of defence aerospace, land and naval platforms and equipment.
- Rafael has products like Python and Derby in the air-to-air missiles system, Spyder range in air defence systems and the Barak missiles family of surface-to-air missiles in the short and medium range.
- Rafael has already provided large aerostat systems to the Indian Air Force for meeting its surveillance, reconnaissance, communication and intelligence needs.