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MUMBAI: Anil Ambani-led Reliance Group has signed an agreement with Russia's manufacturer of Air Defence Missile Systems, AlmazAntey, to work jointly on a range of air defence missile and radar systems for the Indian defence forces, the former said in a release Thursday.
The deal coincides witth Prime Minister Narendra Modi's visit to Russia. Reliance Group has also siged a deal with the Russian United Shipbuilding Company for warships.
Follow @ETDefence Twitter handle for comprehensive coverage on other buzzing Defence stories
The pact with AlmazAntey will extend to 'Deep upgrades' modernization, repairs, execution of offsets, supply of spares, as well as research and development projects for the Indian armed forces, a statement said.
"Working with Reliance Defence will help us develop new directions for both companies to address future requirements of the Indian Armed Forces," V F Medovnikov, Vice Chairman of AlmazAntey was quoted as saying in the statement.Reliance Group's Reliance Infrastructure recently concluded an open offer for Pipavav Defence & Offshore Engineering Co, which took the company's shareholding in the latter to 35%.
Also Read: Anil Ambani-led Reliance Group to sign pact with Russian company for Rs 30,000 crore Navy project
Reliance Infrastructure said recently that it plans to make its recent acquisition Pipavav Defence & Offshore exit corporate debt restructuring. Reliance Infrastructure acquired 18% in the company from the promoters for Rs 819 crore, making its foray into the defence sector.
The company will be renamed Reliance Defence and Engineering in January 2016.
The deal coincides witth Prime Minister Narendra Modi's visit to Russia. Reliance Group has also siged a deal with the Russian United Shipbuilding Company for warships.
Follow @ETDefence Twitter handle for comprehensive coverage on other buzzing Defence stories
The pact with AlmazAntey will extend to 'Deep upgrades' modernization, repairs, execution of offsets, supply of spares, as well as research and development projects for the Indian armed forces, a statement said.
"Working with Reliance Defence will help us develop new directions for both companies to address future requirements of the Indian Armed Forces," V F Medovnikov, Vice Chairman of AlmazAntey was quoted as saying in the statement.Reliance Group's Reliance Infrastructure recently concluded an open offer for Pipavav Defence & Offshore Engineering Co, which took the company's shareholding in the latter to 35%.
Also Read: Anil Ambani-led Reliance Group to sign pact with Russian company for Rs 30,000 crore Navy project
Reliance Infrastructure said recently that it plans to make its recent acquisition Pipavav Defence & Offshore exit corporate debt restructuring. Reliance Infrastructure acquired 18% in the company from the promoters for Rs 819 crore, making its foray into the defence sector.
The company will be renamed Reliance Defence and Engineering in January 2016.
