Category : Science and TechPublished on: November 09 2023
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Saab is a Swedish defense products manufacturing company.
This approval has been given to establish a factory in Haryana.
Anti armour, anti tank, bunker and Carl-Gustaf M4 rocket launcher are also to be manufactured in this factory.
India has so far allowed up to 74 percent FDI in the defense industry.
Although the rules for FDI approval were relaxed in 2015, till now no foreign company has been able to get 100 percent FDI permission in the defense sector.
This is the first time that Swedish company Saab has achieved India's first 100 percent FDI in a defense project.
A new company 'Saab FFV India' has been registered in India to set up a factory in Haryana.
It is to be manufactured with the latest generation of Carl-Gustaf M4 launcher system.
The factory will feature advanced technologies including sighting technology and carbon fiber winding for the Carl-Gustaf system.
However, shoulder-fired rockets are already in use by the Indian Armed Forces and may also be exported once local production begins.
Apart from this, anti-tanks, bunkers and various types of rocket launchers are to be produced in the factory.
Production from this company will start in the year 2024.
