Govt to open ordnance factories to pvt. sector

By agencies   |   Friday, 30 September 2005, 07:00 Hrs
Printer Print Email Email
NEW DELHI: In a significant move to ease IndiaÂ’s dependence on foreign arms suppliers, the government today moved a step closer towards opening up of ordnance factories by allowing them to have "working arrangements" with private industry.

"We can have a working arrangement based on Memorandum of Understanding (MoUs)", Defense Minister Pranab Mukherjee said.

He however ruled out allowing joint ventures and equity participation by private players in the restrictive guns and ammunition-manufacturing sector.

"I look forward to closer association of such nature between Indian public sector, private sector and also foreign producers", Mukherjee said.

SPOTLIGHT
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..