Saab strength­ens po­si­tion in In­dia

SP's MAI - - CORPORATE -

De­fence and se­cu­rity com­pany Saab has signed a MoU (mem­o­ran­dum of un­der­stand­ing) re­gard­ing a strate­gic in­vest­ment in the In­dian com­pany Pi­pavav De­fence and Off­shore Engi­neer­ing Co Ltd. In con­junc­tion to this the com­pa­nies have signed a tech­ni­cal part­ner­ship agree­ment (TPA). The TPA is a con­tin­u­a­tion of an on­go­ing co­op­er­a­tion be­tween the two par­ties and cov­ers de­tails about the for­mat for fur­ther co­op­er­a­tion and rel­e­vant projects.

These agree­ments are a step in Saab’s strat­egy to in­crease the pres­ence in an im­por­tant and large mar­ket and of­fer busi­ness pos­si­bil­i­ties for sev­eral parts of the or­gan­i­sa­tion. The MoU cov­ers an in­vest­ment by Saab of ap­prox­i­mately SEK 250 mil­lion through a suit­able struc­ture, sub­ject to all nec­es­sary ap­provals, dur­ing com­ing months.

“Saab has a long-term strat­egy to grow in In­dia and this new agree­ment is one im­por­tant step in that di­rec­tion,” said Håkan Buskhe, Pres­i­dent and CEO at Saab.

“This agree­ment has the po­ten­tial of of­fer­ing new busi­ness op­por­tu­ni­ties for Saab’s naval of­fer and we wel­come the pos­si­bil­i­ties this presents to fur­ther de­velop our of­fer­ing to a global mar­ket,” said Jan Wider­ström at Saab.

The two com­pa­nies ear­lier jointly formed the Com­bat Sys­tem Engi­neer­ing group, which analy­ses naval com­bat sys­tem de­sign and ar­chi­tec­ture. The com­pa­nies are also ex­plor­ing next gen­er­a­tion com­bat man­age­ment sys­tems for the In­dian Navy and Coast Guard. turer of strate­gic de­fence and aero­space prod­ucts and so­lu­tions and a grow­ing player in African and global de­fence mar­kets.

“Denel is a strate­gic na­tional as­set for South Africa and as a state-owned com­pany we will play a grow­ing role to con­trib­ute to na­tional ob­jec­tives in terms of skills de­vel­op­ment, re­search and the growth of a vi­able high-tech man­u­fac­tur­ing in­dus­try,” he says.

The changes to Denel fol­low the ap­point­ment of Riaz Saloo­jee as new Group Chief Ex­ec­u­tive Of­fi­cer in Novem­ber 2011. The sta­te­owned com­pany has re­ported a profit of rand41 mil­lion for the 201112 fi­nan­cial year and gen­er­ated cash of rand210 mil­lion.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.