Israel Aerospace Industries, Ltd. (IAI) and Kalyani Strategic Systems Ltd. (KSSL), the defense arm of Kalyani Group, signed a Memorandum of Understanding (MOU) to incorporate a Joint Venture Company (JVC) in India.
16th Feb 2017
Israel Aerospace Industries and Kalyani Group to incorporate a JV in India to Manufacture Specific Air Defense Systems
February 15, 2017- Israel Aerospace Industries, Ltd. (IAI) and Kalyani Strategic Systems Ltd. (KSSL), the defense arm of Kalyani Group, signed a Memorandum of Understanding (MOU) to incorporate a Joint Venture Company (JVC) in India. As part of the MOU, IAI and KSSL are aiming to expand their presence in the Indian defense market and to build, market and manufacture specific Air Defense Systems and light weight special purpose munitions.
The MOU was signed in Bangalore, India, at the Aero-India exhibition, by Joseph Weiss, IAI's President and CEO and Baba Kalyani, Chairman Kalyani Group.
The MOU is the first step of a process to establish a JVC between the two companies. The JVC will integrate strategic state-of-the-art defense systems for the Indian MOD in accordance with the Indian Government’s ‘Make in India’ policy.
Joseph Weiss, IAI's President and CEO said: "We are excited to announce the next step in our partnership in India, one of IAI's leading markets. This collaboration brings together the manufacturing and technology excellence of two leading companies and we hope we can continue with our partners at KSSL to spread our footprint in India and to continue our vast work with the 'Make in India' policy".
Baba Kalyani, Chairman Kalyani Group said “The joint venture company will combine IAI's advance technology, knowledge and experience as an OEM with world class design, development and manufacturing capabilities of the Kalyani Group. The joint venture will provide indigenously manufactured solutions in niche technology areas of defense sector, thereby furthering the ‘Make in India’ initiative of the government”.
Boaz Levi, Executive Vice President and General Manager of Systems, Missiles & Space Group said: "IAI has long relations in the Indian defense forces and industries and we are happy to join hands with Kalyani Group, one of India's leading companies to explore future opportunities for both countries strength".
Rajinder Singh Bhatia, President & CEO, Defence & Aerospace, Kalyani Group said: “Kalyani Group’s manufacturing competence is well suited to complement IAI’s products in niche segments. Together, we shall provide the most advanced solutions to our armed forces”.