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Swedish firm Saab has been granted permission to set up a new facility which will manufacture rockets, and is the first foreign company to bag 100 percent foreign direct investment (FDI) in the defence sector.
The FDI proposal in the defence sector, valued at under Rs 500 crore, was cleared last month.
Saab has set up a new company, Saab FFV India, which will make the latest generation of the Carl-Gustaf M4 system, with manufacturing to commence next year. Likely to come up in Haryana, the facility will include advanced technologies, including the sighting tech and carbon fibre winding for the Carl-Gustaf system.
This will be Saabs first Carl-Gustaf M4 production line outside Sweden. The shoulder-fired rockets are already used by the Indian armed forces and can also be exported once local production starts.
India currently allows up to 74 percent FDI in the defence sector under the automatic route, and beyond that, clearances can be obtained on a case-by-case basis.
The shoulder-launched weapon system is in use by the US, European and Indian armed forces and is used to take down fortified enemy positions, armour and personnel.
With Saabs commitment to Make in India, it looks forward to continuing collaboration with Indian partners and to support the Indian armed forces with the production of Carl-Gustaf in India. |
