Business Daily from THE HINDU group of publications
Sunday, Apr 15, 2007
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Business Daily from THE HINDU group of publications Sunday, Apr 15, 2007 ePaper |
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Government
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Security Industry & Economy - Engineering Opportunities for pvt sector in defence: Antony Our Bureau
THE UNION DEFENCE Minister, Mr A.K. Anthony, with Mr A.K. Baweja, Chairman, HAL (right), addressing the press conference during his visit to Hindustan Aeronautics Ltd (HAL) in Bangalore on Saturday. — Bhagya Prakash K.
Bangalore April 14 Sky is the limit for the private sector in the country's defence sector as a result of the Government's "offset" policy, according to the Defence Minister, Mr A.K. Antony. Speaking to presspersons here on Saturday, he said: "There are many opportunities for private and public sector companies participation in the defence sector." Mr Antony was visiting the Bangalore complex of the public sector Hindustan Aeronautics Ltd. According to the offset policy, any purchase from a foreign supplier over $70 million will require a reinvestment of 30 per cent of the total purchase amount in terms of components and services from India. Thanks to the opening up of the defence sector to foreign direct investment, international suppliers have already entered into joint ventures with defence organisations, he added.
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