Swedish company becomes first company to achieve 100% FDI in defense project; Shoulder fired rockets will be made in Haryana

National

India has approved its first 100% foreign direct investment (FDI) in the defense sector, allowing Sweden's Saab to set up a rocket manufacturing facility. According to an ET report, FDI proposals worth less than Rs 500 crore were given the green signal last month. India currently allows 74% FDI in the defense sector through the automatic route, with approval beyond that being available in any case. A new company, Saab FFV India, has been registered to produce the latest generation of Carl-Gustaf M4 systems, with the facility likely to be located in Haryana. As per the report of the financial daily, it will include advanced technologies including vision technology and carbon fiber winding for the Carl-Gustaf system. These shoulder-fired rockets are extensively used by the Indian armed forces and can be exported once local production begins.


     

     

     

 

     


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