sudhir007
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Singapore Technologies Kinetics (ST Kinetics/STK) held a press conference to openly discuss the blacklisting issue that has plagued it since May 2009 and stopped the trials in India of the badly needed ultra light and towed gun trials. Firstly it said that it had never been blacklisted, rather it's gun trials were stopped while a CBI investigation was going on in relation to the corruption enquiry of Sudipto Ghosh from the Ordnance Factory Board.
Brig Gen Patrick Choy said that when there are allegations of corruptions, a nation has every right to investigate the case and since it is a public listed company on the Singapore stock exchange, its book are open and it was fully co-operating in the investigation. When questioned about what dealings were under investigation, Brig Choy said that STK was in discussion with the OFB for sourcing barrels for the SAR 21 Lightweight Assault Rifle to meet their offset obligations in case the gun was selected. Since the MoD has now allowed it to go ahead with the trials they expect to trial this gun in Feb 2010.
Brig Choy said that STK despite setbacks it continues to be bullish about the Indian market and sees a US$3 billion business potential here. Talking about their tenders, they said that the 155mm towed gun is to be trialled in Feb 2010, their light strike vehicle was under evaluation and they have responded to carbine tenders from the Ministry of Home Affairs.
With the press conference, ST Kinetics said that they would now look to focus on the future and would soon start marketing their all terrain vehicle to India. Suitable for high altitude to desert environments, the ATV has successfully been sold to the UK Armed Forces and currently deployed in Afghanistan.
Separately, 8ak's report that the Indian government was going to choose the FMS route to buy BAE's Ultra Light Howitzer (ULH) would be a big setback for STK and its third negative experience in India so far. STK's ULH has been in Gwalior since mid last year and STK did not take it back since it was confident of winning the tender. Some sources said that even though STK is partly owned by the first family of Singapore, the Singaporean government does not actively support it as other governments support their industries.
8ak - Indian Defence News: ST Kinetics looks to the future with its Bronco All Terrain Vehicle for India
Brig Gen Patrick Choy said that when there are allegations of corruptions, a nation has every right to investigate the case and since it is a public listed company on the Singapore stock exchange, its book are open and it was fully co-operating in the investigation. When questioned about what dealings were under investigation, Brig Choy said that STK was in discussion with the OFB for sourcing barrels for the SAR 21 Lightweight Assault Rifle to meet their offset obligations in case the gun was selected. Since the MoD has now allowed it to go ahead with the trials they expect to trial this gun in Feb 2010.
Brig Choy said that STK despite setbacks it continues to be bullish about the Indian market and sees a US$3 billion business potential here. Talking about their tenders, they said that the 155mm towed gun is to be trialled in Feb 2010, their light strike vehicle was under evaluation and they have responded to carbine tenders from the Ministry of Home Affairs.
With the press conference, ST Kinetics said that they would now look to focus on the future and would soon start marketing their all terrain vehicle to India. Suitable for high altitude to desert environments, the ATV has successfully been sold to the UK Armed Forces and currently deployed in Afghanistan.
Separately, 8ak's report that the Indian government was going to choose the FMS route to buy BAE's Ultra Light Howitzer (ULH) would be a big setback for STK and its third negative experience in India so far. STK's ULH has been in Gwalior since mid last year and STK did not take it back since it was confident of winning the tender. Some sources said that even though STK is partly owned by the first family of Singapore, the Singaporean government does not actively support it as other governments support their industries.
8ak - Indian Defence News: ST Kinetics looks to the future with its Bronco All Terrain Vehicle for India
