from the April 2016 issue

Rafael forms $10b defense venture with India's Reliance

The joint venture will manufacture air defense systems, air-to-air missiles, and large surveillance aerostats for the Indian market.

Israeli manufacturer Rafael Advanced Defense Systems Ltd. reported that it has signed a cooperation agreement worth $10 billion with Indian giant Reliance Defense. The agreement, signed at the Defexpo India exhibition in Goa was attended by Israel's Ambassador to India Daniel Carmon and Rafael CEO Yoav Har-Even. Reliance Defense is owned by Indian billionaire Mukesh Ambani.

As part of the agreement, Rafael and Reliance will collaborate in developing, manufacturing and delivering air defense systems, air-to-air missiles, and large surveillance balloons (aerostats) for the Indian defense market.

28 Israeli companies were present at the exhibition, which opened in India, the largest such number ever to attend an Indian defense even.

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Reprinted from the Israel High-Tech & Investment Report April 2016

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