Highlights

  • India clears first 100% FDI in defence: report
  • Swedish company to make rockets in India: report
  • Govt cleared project worth Rs 500 crore in October 2023: report

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Government clears first 100% FDI in defence project to manufacture rockets: report

India currently allows up to 74% FDI in the defence sector. While clearance rules were relaxed in 2015, no foreign company had, until now, been able to get permission for 100% FDI in defence.

 
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      Government has reportedly cleared the first 100% foreign direct investment in the defence sector.

      According to an Economic Times report on November 5, 2023, Sweden's Saab will set up a new facility in Haryana to manufacture rockets.

      ET quoting sources said the FDI proposal, valued at under Rs 500 crore, was cleared last month.

      A new company, Saab FFV India, has been registered and will make the latest
      generation of the Carl-Gustaf M4 system.

      Likely to come up in Haryana, the facility will include advanced technologies, including the sighting tech and carbon fibre winding for the Carl-Gustaf system.

      The shoulder-fired rockets are already in extensive use by the Indian armed forces and can be exported as well once local production starts, ET added in its report.

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