JERUSALEM: State-owned Israeli defense contractor Rafael Advanced Defense
Systems and India's Reliance Defense said on Tuesday they are setting up a
joint venture in India to produce air to air missiles, air defense systems and
observation balloons.
The
companies will address programs valued at $10 billion over the next decade.
Reliance
Defense, a unit of Reliance Infrastructure (RLIN.NS), will hold 51 percent of the
joint venture and Rafael, one of Israel's largest defense firms, will hols the
other 49 percent.
Rafael is a market leader in the air to air
missile segment with products such as Python and Derby. Its air defense systems
portfolio includes a number of short and medium range missiles.
Rafael has already provided large aerostat
systems to the Indian Air Force for its surveillance, reconnaissance,
communication and intelligence needs, the companies noted.
The joint venture will offer the entire
range of products in these fields to the Indian armed forces, they added.
(Reporting
by Steven Scheer)
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