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Home Investment

Penned: 120 MoUs for Rs.50,000 potential investment

Fiinews by Fiinews
February 21, 2020
in Investment, Manufacturing, Technology
Reading Time: 2 mins read
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Launched: 13 products at DefExpo 2020

PIB.
Defence Ministeri Rajnath Singh along with his counterparts from various African nations at the India-African Defence Ministers’ Conclave, on the sidelines of DefExpo2020, in Lucknow on 7 February 2020.

More than 120 MoUs between Defence Public Sector Units (DPSUs), private and global defence manufacturing companies were signed, for estimated Rs.50,000 crore investment in India.

Twenty-three MoUs were signed for the Uttar Pradesh’s Defence Corridor during the DefExpo 2020 held in Lucknow 5-9 Feb 2020.

Announcing these business pacts, Defence Minister Rajnath Singh said the DefExpo would also establish India as a Defence manufacturing hub of the world and a global exporter.

Thirteen products including Light Utility Helicopter by HAL, Sharang 155 mm Arty gun by OFB among others were launched at the exhibition on 7 Feb 2020.

Lucknow Declaration adopted by the first ever India-Africa Defence Ministers conclave is another landmark achievement of this DefExpo, the Minister underlined.

UP Chief Minister Yogi Adityanath said more than 3,000 foreign delegates, 10,000 Indian delegates and 12 lakh visited the five-day event, laying a strong foundation for development of UP Defence corridor

Forty Defence Ministers were part of total 70 foreign delegations that visited the Lucknow show. DefExpo had 1,024 exhibitors including 172 foreign companies.

More than 22 seminars highlighted the technological changes, digital transformation of Defence and the positive policies implemented by the Government, such as relaxation in FDI investment, encouraging innovation in Defence start-ups, opening up of testing facilities to Private sector and sharing of technology innovations of DRDO.

A major announcement during DefExpo 2020 was the issuing of Initial Operational Clearance (IOC) certificate for Light Utility Helicopter (LUH) of Hindustan Aeronautics Limited (HAL). LUH was designed and developed as a replacement for Cheetah & Chetak helicopters which are being operated by Indian Armed forces.

LUH is a new generation helicopter in the 3-Ton class incorporating the state-of-the-art technology features which will meet the emerging needs in this class of helicopters in the coming decades.

Also, OFB launched “Sharang” the 155mm artillery gun with 36 km range. A model was handed to Chief of Army Staff Gen M M Naravane.

BDL launched Amogha-3 the anti-Tank Guided Missile. It is a man portable, fire and forget missile.

BDL also launched Varunastra – the anti-submarine torpedo, manufactured under the technological guidance of DRDO, said the Defence Ministry on 8 Feb 2020. fiinews.com

Tags: Ministry of Defence
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Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

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