Swedish defence major Saab on Monday announced that it will start producing the iconic Carl-Gustaf M4 weapon systems at a production facility in Haryana by next year, months after receiving the approval for 100 per cent foreign direct investment (FDI) for the mega-project.
Saab became the first foreign defence producer in India to receive the clearance for 100 per cent FDI when the government approved the Carl-Gustaf M4 manufacturing project in October last year.
On Monday, Saab marked the start of construction of the production facility in Jhajjar by carrying out a groundbreaking ceremony at the 3.6-acre complex.
It is Saab's first manufacturing facility for the Carl-Gustaf M4 outside Sweden.
After receiving approval for 100 per cent foreign direct investment, Saab established a new company, Saab FFVO India Pvt Ltd, which will fully own the new manufacturing plant and produce the Carl-Gustaf M4 weapon.