In order to increase production, the Swedish defense products company Saab will establish a facility in India to produce its Carl-Gustaf M4 weapons system, a top executive announced on Tuesday.
Senior Vice President Gorgen Johansson told reporters at a news conference that the facility would start producing in 2024.
Johansson declined to go into further detail regarding the probable investment that the business will make in the facility.
The Indian armed forces have purchased the Carl-Gustaf M4 recoilless rifle.
The company stated in a statement that the new facility will support both its production and components for system users all over the world.
"We haven't done this in any other country", Johansson said.
India has been working to increase its defense manufacturing capacity and increase its military exports in recent years. India is the largest purchaser of Russian weapons worldwide.
Rajnath Singh, India's defense minister, said on Tuesday that the country now exports more than 130 billion rupees worth of military hardware, up from around 10 billion rupees ($122.62 million) eight years ago.
"We have set a target of 1.75 trillion of defence production by 2025, which includes export of 350 billion," Singh told a gathering of defence manufacturers.
Since the conflict in Ukraine, there has been a rise in interest in the Carl-Gustaf weapon system, which can be used against tanks.
"More countries will seek anti-tank capabilities going forward," Johansson said.
Saab announced earlier this year that it would increase capacity to meet escalating demand.
Russia's invasion of Ukraine, which Moscow refers to as a "special military operation," has led many nations, including Sweden, the country where Saab is produced, to increase their defense spending.
(Source:wwww.cnbctv18.com)
Senior Vice President Gorgen Johansson told reporters at a news conference that the facility would start producing in 2024.
Johansson declined to go into further detail regarding the probable investment that the business will make in the facility.
The Indian armed forces have purchased the Carl-Gustaf M4 recoilless rifle.
The company stated in a statement that the new facility will support both its production and components for system users all over the world.
"We haven't done this in any other country", Johansson said.
India has been working to increase its defense manufacturing capacity and increase its military exports in recent years. India is the largest purchaser of Russian weapons worldwide.
Rajnath Singh, India's defense minister, said on Tuesday that the country now exports more than 130 billion rupees worth of military hardware, up from around 10 billion rupees ($122.62 million) eight years ago.
"We have set a target of 1.75 trillion of defence production by 2025, which includes export of 350 billion," Singh told a gathering of defence manufacturers.
Since the conflict in Ukraine, there has been a rise in interest in the Carl-Gustaf weapon system, which can be used against tanks.
"More countries will seek anti-tank capabilities going forward," Johansson said.
Saab announced earlier this year that it would increase capacity to meet escalating demand.
Russia's invasion of Ukraine, which Moscow refers to as a "special military operation," has led many nations, including Sweden, the country where Saab is produced, to increase their defense spending.
(Source:wwww.cnbctv18.com)