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".
IAI Ltd. is Israel's largest aerospace and defense company and a globally recognized technology and innovation leader, specializing in developing and manufacturing advanced, state-of-the-art systems for air, space, sea, land, cyber and homeland security. Since 1953, the company has provided advanced technology solutions to government and commercial customers worldwide including: satellites, missiles, weapon systems and munitions, unmanned and robotic systems, radars, C4ISR and more
KSSL is the principal company of the Kalyani Group formed for undertaking defense & aerospace business initiatives by leveraging the Groups' renowned and distinguished design, engineering and manufacturing expertise. Kalyani Group is a multinational conglomerate with high technology, engineering and manufacturing capability across critical sectors. With end-to-end capability and global manufacturing footprint, the group has been a flag bearer of ‘Make in India' across sectors including Defense and Aerospace.