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Reliance Defence to partner with South Korean defence major LIG Nex1

Capital Market 

To meet specific requirements of Indian Armed Forces

Infrastructure promoted Defence has entered into a strategic partnership agreement with South Korean defence major LIG Nex1.

As part of this partnership, two companies will explore opportunities in the identified range of defence products required by the Indian Armed Forces. LIG Nex1 are emerging leaders in smart heavy weapons in category of Anti-ship Missiles, Anti Tank Guided Missiles (ATGM), and Guided Rockets.

Currently, there are multiple programs for the Indian Armed Forces that the two companies plan to address together. This will potentially include improvements to the existing weapon systems which are part of LIG Nex1 portfolio to meet the specific requirements of the Indian Armed Forces. Cumulative value of Programs being targeted will exceed multi billion.

Two companies have also identified Air Defence & Surveillance Radar that can be manufactured in India, as potential area of co-operation.

Two companies will also work on performance enhancement for various systems / platforms in the portfolio of LIG Nex1, to meet the specific requirements of the Indian Armed Forces.

India and relations were upgraded to Special Strategic partnership during the visit of Prime Minister Narendra Modi to Seoul.

Skills developed and the experience gained through this collaboration will further add to Group's capabilities and establish lead position in the Indian Market.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 17 2017. 11:55 IST