TEL AVIV (Diya TV) — Israel’s top two state-owned defense firms are enhancing what they believe to be an already flourishing relationship with India — Israel Aerospace Industries (IAI) reported “hundreds of millions of dollars” in profits and deals in the region in the past quarter, while Rafael is establishing a joint venture with one of India’s largest conglomerates.
The remarks were made Wednesday during the Indian Defexpo 2016 trade show in Goa, India. IAI President and CEO Yossi Weiss cited the firm’s 25 years of activities in the Indian market in support of Indian government customers. Weiss further revealed that IAI executives have held meetings with dozens of top Indian officials and partners during this week’s event, and that IAI has registered “hundreds of millions of dollars” in sales spanning UAV, air defense, radar and naval warfare sectors.
“The deals that were signed in the last months are a manifestation of the central and prominent partnership between India and IAI,” Weiss said, according to a statement released by his firm.
Additionally, on Tuesday, Rafael Advanced Defense Systems and Reliance Defence Ltd. announced an agreement to establish a join venture company, based in India. The company will be created with the ultimate goal of securing up to $10 billion in the next decade, dedicating spending towards air-to-air combat, air defense and aerostat sectors. Rafael will retain 49 percent of the venture; Reliance Defence, a subsidiary of Reliance Infrastructure Ltd., will be on the hook for the remaining 51 percent, according to a statement released on March 29.
During their joint press conference, both companies said the agreement represents “one of the biggest joint ventures between an Indian company and any OEM [Original Equipment Manufacturer].” The venture would create more than 2,000 high-skilled jobs, and would be located at the Dhirubhai Ambani Land Systems Park in Pithampur, Indore, India.
India remains Israel’s top export market, with annual Israeli defense sales to India averaging some $3 billion for the past several years.