Lucknow / Feb 8, 2020
In a significant development, Indian companies signed nearly 200 agreements or jointly launched military products with foreign defence manufacturers on Friday at the ongoing Defence Expo (DefExpo) 2020 in Lucknow.
These collaborations pertained to signing of Memorandum of Understanding (MoU), Transfer of Technology (ToTs) and product launches, which were aimed at creating or renewing partnerships for innovative collaboration and transformation of the defence manufacturing in India.
The mega show, which is witnessing the participation by more than 1,000 companies, was inaugurated by Prime Minister Narendra Modi on Wednesday (Feb 5).
These pacts were signed by the representatives of defence public sector undertakings (DPSU), Indian private defence companies and foreign companies in the presence of defence minister Rajnath Singh and Uttar Pradesh chief minister Yogi Adityanath.
With India eyeing US$ 5 billion worth of defence exports in the next 5 years and ultimately attain the status of becoming a net exporter, the ceremony saw more than 13 product launches, 124 MoUs between DPSUs, private and global defence manufacturing companies.
Singh said DPSUs and the Indian defence private industry were now better equipped to lead India as the emerging R&D hub of the world.
Meanwhile, UP government signed 23 of these MoUs envisaging investment of Rs 50,000 crore in the UP Defence Corridor. Yogi announced that Hindustan Aeronautics Limited (HAL) would supply Dornier 19-seater civilian aircraft to the state government for civil aviation.