Paramount Group, BFL to set up a joint venture to explore indigenisation of defence systems

South Africa-based Paramount Group signed a strategic and high-level collaboration agreement with Kalyani group's Bharat Forge Limited (BFL) here on Friday to set up a joint venture for indigenisation of defence and aerospace systems, stated a press release.

The companies also signed two MoUs here at DefExpo, India's biennial defence exhibition, to explore "opportunities in the aerospace and special protected vehicle sectors", according to a press release by the BFL.

The high-level collaboration is to set up a "joint venture" to join the capabilities of both the groups in the "industrialisation and indigenisation" of defence and aerospace systems in response to "emerging opportunities" in the Indian market, the release added.

Rajinder Bhatia, President and CEO, Defence and Aerospace, BFL, commented that "with this cooperation both groups are well positioned to cater to the varied requirement to address the defence situation in conventional and asymmetric warfare.

Ivor Ichikowitz, Group Chairman of Paramount Group, stated,"We are pleased to partner with the BFL, a company that shares our philosophy of enabling local manufacturing through technology and skills transfer, the indigenisation of defence and aerospace technologies, and the creation of high value jobs that bolster economic growth.