(JNS.org) Israel’s Rafael Advanced Defense Systems and India’s Reliance Defense on Tuesday announced that they have agreed to establish a joint venture to produce air defense systems.
The agreement, which is valued at more than $10 billion for the next decade, will produce air-to-air missiles, air defense systems, and observation balloons. Reliance will hold a majority stake in the joint venture at 51 percent, while Rafael will hold 49 percent.
Rafael Director-General Maj.-Gen. (res.) Yoav Har-Even said that the joint venture is “part of our global strategy for cooperation in general and in India specifically.”
“This cooperation will help us give the Indian Ministry of Defense its added value when it comes to deal with the goals and challenges that it faces,” said Har-Even, the Jerusalem Post reported.