BAE Systems willing to accept rider on FDI in defence
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BAE Systems willing to accept rider on FDI in defence

Tuesday, 28 September 2010, 21:11 Hrs   |    1 Comments
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New Delhi: Global defence security and aerospace major BAE Systems is ready to accept Industry Ministry's rider that 74 per cent FDI in defence sector be allowed only if a foreign bidder sets up its hi-tech system integration facility in India.

In its recent discussion paper, the Department of Industrial Policy and Promotion (DIPP) suggested that foreign direct investment in the defence production be raised from 26 per cent to 74 per cent, subject to system integration facility (SIF) in India.

It had said that whenever the Ministry of Defence invites the 'Requests for Proposals (RFP)' for its future weaponry requirements, it must be with the condition of SIF in the country.

However, according to sources, doubts were raised in certain government quarters whether such terms would be acceptable to global defence vendors, which have remained reluctant to share technology
Source: PTI
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Reader's comments(1)
1: Nice step from BAE systems and hope its a win-win situation for both countries.
Posted by:vinod - 28 Sep, 2010