Anil Ambani-led Reliance Defence has inked a pact with Israel’s Rafael Advanced Defence System to set up a JV in India for specialised areas including air- to-air missiles that will oversee projects worth $10 billion (over Rs 65,000 crore) in ten years. “In one of the biggest joint ventures between an Indian company with any original equipment manufacturer (OEM), Reliance Defence ltd, a 100 per cent subsidiary of Reliance Infrastructure ltd and Rafael Advanced Defence Systems ltd have decided to set up a joint venture company in India in the highly specialised areas of air-to-air missiles, air defence systems and large aerostats,” the company said in a statement.
The venture will have 51 per cent holding from Reliance Defence and 49 per cent by Rafael as per the current guidelines of the Government, it said.
It will provide big thrust to the field of indigenous production and development of high precision and state of the art weapon systems in India.