India has approved more than 40 proposals from foreign companies to invest in the country's defence sector through joint ventures (JVs), Indian Minister of State for Defence Shripad Naik has said.
In response to questions in parliament on 27 November, Naik said, "42 proposals for foreign direct investment (FDI)/joint ventures have been approved [to support the] manufacture of various defence equipment in both the public and private sector."
He added that these proposals include three JVs between Indian and Russian companies, including two - Indo-Russian Helicopters Ltd and Multirole Transport Aircraft Ltd - formed by Hindustan Aeronautics Limited (HAL) and Russian partners, as well as Indo Russian Rifles Ltd, a company established by the Ordnance Factory Board and Kalashnikov.
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