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44 firms given FDI nod to jointly produce defence items with foreign cos

Minister of State for Defence Shripad Naik made the announcement on Monday

defence sector | FDI in defence | India FDI

Press Trust of India  |  New Delhi 

Shripad Naik
Image: Wiki

A total of 44 Indian companies, including public sector units, have got approvals related to foreign direct investment (FDI) till now for joint production of defence items with foreign companies, said Minister of State for Defence Shripad Naik on Monday.

"So far, FDI inflows of about Rs 4191 crore have been reported by the companies operating in defence and aerospace sector in the country," Naik said in a written reply to a question inRajya Sabha.

As on date, FDI approvals have been given to 44 companies -- including DPSUs -- for joint ventures or co-production of various defence items, he stated.

These items include fixed-wing aircrafts, aerospace and aero structures components, simulator, unmanned aerial systems, optical goods and optical instruments, radar systems, mortars and tactically protected vehicles, he added.

On September 17 last year, thegovernment had permitted production up to 74 per cent under automatic route.

It had also permitted production above 74 per cent under automatic route ifit is "likely to result in access to modern technology".

Before September 17, 2020, FDI indefence production had been permitted up to 49 percentunder automatic route.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, March 08 2021. 18:00 IST