Live Update 
From the Liveblog of
Thursday, February 19, 2015
From the Liveblog of
Thursday, February 19, 2015
India’s Kalyani to hold 51% of deal with Rafael
Add ToI as a Preferred Source on GoogleIndia’s Kalyani industrial group announces a “substantial” joint venture with Israel to make missiles and other weapons, after Prime Minister Narendra Modi eased rules on foreign ownership in defense.
Kalyani managing director B.N. Kalyani says his company would hold 51 percent of the venture, in one of the first such tie-ups since the cap was lifted on foreign investment in the sector last year.
“The joint venture will … manufacture (remote) weapons systems and advanced armor solutions for Indian and subsequently global customers of Rafael,” Kalyani told reporters in Bangalore.
Kalyani did not disclose the size of the venture, but said it would be “substantial”.
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