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Long-Term Opportunity For Indian Industry To Manufacture Spares And Components Jointly With Russian OEMs: FICCI

Capital Market 

The Federation of Indian Chambers of Commerce and Industry (FICCI), jointly with the Ministry of Defence, Government of India, will be leading a 50-member industry delegation to Russia from November 5-6, 2019. The objective of the delegation is to explore ways to jointly manufacture spares and components with Russian OEMs under Make in India. Mr Rajnath Singh, Defence Minister, Government of India, and Mr. Denis Manturov, Minister of Industry and Trade of the Russian Federation, will address senior representatives of the defence industry from India and Russia at the 'India-Russia Defence Industry Cooperation Conference' to be held on November 5, 2019, at Moscow. The delegation to Russia is a follow-up to the Inter-Governmental Agreement (IGA) signed on September 4, 2019 by India and Russia to operationalize a mechanism for collaboration on joint manufacturing of spare parts, components, aggregates and other products for the maintenance of Russian-origin arms and defence equipment in India under the Make in India program through the transfer of technology and setting up of joint ventures.

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First Published: Tue, November 05 2019. 09:01 IST
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