Private firms to make defence hardware
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Private firms to make defence hardware

Friday, 19 December 2003, 08:00 Hrs
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NEW DELHI: Fifteen private firms have been issued letters of intent for producing a wide range of military hardware but India has not yet received any proposal for foreign investment in the defence sector, Defence Minister George Fernandes said Thursday.

The Department of Industrial Policy and Promotion, in consultation with the defence ministry, had issued 15 letters of intent for manufacture of defence equipment, including armoured vehicles, radars, electronic warfare equipment, warships, submarine, military aircraft and ammunition, he said.

In reply to a question in the Lok Sabha, the lower house of parliament, Fernandes, however, said no proposal for foreign direct investment (FDI) for manufacturing defence-related products had been received.

The government had allowed 100 percent private sector participation, with up to 26 percent FDI, to achieve indigenous content of 70 percent in the production of defence items, he said.

Source: IANS
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