India aims for Rs 3 lakh crore in defence production and Rs 50,000 crore in exports by 2029, setting the nation up as a reliable global defence partner, and Bharat Forge is leveraging on strategic partnerships and indigenous capabilities to increase its share in this business.
Approval from Department for Promotion of Industry & Internal Trade (DPIIT) enables KSSL to participate in potential defence programs in the future.
CNBC-TV18's Nithya Balakrishnan caught up with Baba Kalyani of Kalyani Stategic Systems and Maj Gen Har-Even, President of Rafael Advanced Defence Systems in Hyderabad, at the launch of the joint venture's first manufacturing facility and began by asking them on how important this facility will be in forging Indo-Israeli strategic ties.
"Kalyani Strategic Systems (KSSL), the defence arm of Kalyani Group and Israel Aerospace Industries (IAI) signed a memorandum of understanding to incorporate a joint venture company in India, at the Aero-India exhibition in Bangalore," the auto ancillary and defence company in its filing.
The joing venture (JV) company, Kalyani Rafael Advanced Systems Pvt Ltd, will look to address programmes in relation to infantry combat vehicle BMP II upgrade, tactical control systems, other advanced systems to be floated by the Ministry of Defence, Bharat Forge said in a BSE filing.
As per Baba Kalyani of Kalyani Group defence and aerospace is a strategic part of growth programme.