05 February 2004 04:00
JV FOR FUTURISTIC WEAPONS ON THE ANVIL: FERNANDES (to establish spares manufacturing facilities of frontline and other Russian weapon systems used by the armed forces)
George Fernandes, the defence minister, Government of India, has announced that India will be forming joint ventures
with different countries and corporate bodies for futuristic weapon systems. India will establish joint venture spares
manufacturing facilities of frontline and other Russian weapon systems used by armed forces, since these are deficient
in India.
The country can further resort to sales of these spares under license to other third countries.
The Government is currently undertaking a modernisation exercise for the armed forces through the creation of a
non-lapsable fund of Rs25,000 crore.
[India Business Insight] |
RUSSIA IN FACTS
