Defense Firm Rafael, India Defense Group in $10B Deal

Israeli defense technology firm Rafael announced Tuesday that it had entered into a partnership agreement with India defense giant Reliance. The deal is worth about $10 billion, the companies said in a joint statement.

The announcement was made at DefExpo India, one of the largest defense technology shows in the world. The two companies announced the deal at a special press conference attended by Israeli ambassador to India Danny Carman and Rafael CEO Yoav Har-Even.

According to the companies, “the joint venture will provide a big thrust into the field of indigenous production and development of high-precision and state-of-the-art weapon systems in India. The strategic partnership with technology powerhouse and one of the world leaders in defense technologies, Rafael Advanced Defense Systems of Israel, will mark the entry of Reliance Defense into the complex field of air-to-air and air-defense systems manufacturing in India.”

Rafael, the companies said, already supplies air-defense systems to the Indian air force that are used for reconnaissance, communication and intelligence purposes. The new deal will see Rafael offer a wider range of products to the overall Indian defense forces. “Rafael is also willing to offer solutions through the joint venture even for the ongoing “Buy Global” programs, where it is currently competing, in line with “Make in India” initiatives of the Indian Government,” Reliance added.