Weapons worth Rs 8000 cr to be procured under DPP: Antony
Press Trust of India / New Delhi Dec 14, 2009, 16:49 IST
Government today said about ten offset contracts worth Rs 8,909 crores have been signed under Defence Procurement Procedure (DPP) with weapons making companies from countries like Russia, Israel and the United States.
"About 10 offset contracts have been signed so far under the DPP. The companies with which the offset contracts have been signed include Rosoboronexport and RAC MiG from Russia, Lockheed Martin and Boeing from the US, Israel Aerospace Industries and Etta from Israel and Fincantieri from Italy," Defence Minister A K Antony said in a written reply to a Lok Sabha query.
The Minister added the estimated value of the contracts was Rs 8,909 crores.
Under the offsets clause of the DPP, foreign vendors have to invest minimum 30 per cent of all the contracts worth over Rs 300 crore into the Indian defence industry.
Replying to another query, the Defence Minister said DRDO has tied up with the IAI for developing Long-Range and Medium-Range Surface-to-Air Missile systems.
"The cost of project for LR-SAM is Rs 2,606.02 crore and MR-SAM project is Rs 10,075 crore," Antony said.
Answering another query, he said the DRDO was developing a Medium Altitude Long Endurance (MALE) Unmanned Aerial Vehicle (UAV) for the three services and the project was expected to be completed in 78 months after the project approval.
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Government today said about ten offset contracts worth Rs 8,909 crores have been signed under Defence Procurement Procedure (DPP) with weapons making companies from countries like Russia, Israel and the United States.
