Friday, September 01, 2017

Saab Picks Adani As Partner For India Fighter Jets Contract: Report

New Delhi: Sweden's Saab will tie up with India's Adani Group to bid for a contract to make fighter aircraft in India, an aerospace consultant aware of the proposed partnership told Reuters on Thursday.
The partnership will compete with U.S. defence giant Lockheed Martin in a two horse-race to equip the Indian military with single-engine jets to be produced locally under Prime Minister Narendra Modi's "Make-in-India" initiative.

The Saab-Adani partnership would be aimed at producing planes under India's new "strategic partnership" policy, said Ratan Shrivastava, an independent New-Delhi-based consultant and adviser at India's industry lobby group FICCI.

The partnership will likely be announced on Friday, Shrivastava said.
Saab declined to comment. Saab President and Chief Executive Hakan Buskhe will host a media event in New Delhi on Friday, Saab said in a press invitation issued on Wednesday. It did not give details.

There was no immediate comment from Adani, which is a $12 billion group with businesses ranging from energy and logistics to real estate and defence.

Shares in Adani Enterprises Ltd, a group company, rose on Thursday after the news of the planned Saab tie-up and were trading about 2.7 percent higher. Saab shares were up 1.8 percent.
31/09/17 Thomson Reuters/NDTV

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