44 firms given FDI nod to jointly produce defence items with foreign cos

Image: Wiki

A total of 44 Indian companies, including public sector units, have got approvals related to foreign direct investment (FDI) till now for joint production of defence items with foreign companies, said Minister of State for Defence Shripad Naik on Monday.

"So far, FDI inflows of about Rs 4191 crore have been reported by the companies operating in defence and aerospace sector in the country," Naik said in a written reply to a question inRajya Sabha.

As on date, FDI approvals have been given to 44 companies -- including DPSUs -- for joint ventures or co-production of various defence items, he stated.

These items include fixed-wing aircrafts, aerospace and aero structures components, simulator, unmanned aerial systems, optical goods and optical instruments, radar systems, mortars and tactically protected vehicles, he added.

On September 17 last year, thegovernment had permitted FDI in defence production up to 74 per cent under automatic route.

It had also permitted FDI in defence production above 74 per cent under automatic route ifit is "likely to result in access to modern technology".

Before September 17, 2020, FDI indefence production had been permitted up to 49 percentunder automatic route.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel