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Swedish company Saab India's first 100% FDI in defense project. has become a company that acquires

Category : Science and Tech
Published on: November 09 2023 Share on facebook

  • 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.
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