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Reliance Defence Forms JV With Rafael, To Take Up Projects Worth $10 Billion

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 10 years

Photo Credit : Shutterstock

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State-owned Israeli defence contractor Rafael Advanced Defence Systems and India's Reliance Defence said on Tuesday (29 March) they are setting up a joint venture in India to produce air to air missiles, air defence systems and observation balloons.

The companies will address programs valued at $10 billion over the next decade.

Reliance Defence, a unit of Reliance Infrastructure, will hold 51 per cent of the joint venture and Rafael, one of Israel's largest defence firms, will hold the other 49 per cent.

Rafael is a market leader in the air to air missile segment with products such as Python and Derby. Its air defence systems portfolio includes a number of short and medium range missiles.

Rafael has already provided large aerostat systems to the Indian Air Force for its surveillance, reconnaissance, communication and intelligence needs, the companies noted.

The joint venture will offer the entire range of products in these fields to the Indian armed forces, they added.

(Reuters)