India to sign $10 billion offset contracts

New Delhi: India has signed defence offsets contracts worth USD 3.3 billion and more such deals worth USD 10 billion are in the pipeline, Minister of State for Defence M M Pallam Raju said here today.
Under the defence offsets policy, foreign vendors bagging deals worth over Rs 300 crore have to invest at least 30 per cent of the worth of the deal in Indian defence, civil aviation and homeland security sector.
"Offset contracts worth nearly USD 3.3 billion have been concluded so far and, I am told, that the total value of the offset contracts which are in the pipeline is estimated to be over nearly USD 10 billion," he said.
The minister was addressing a gathering on opportunities for co-development and partnership between India and Italy.
01/11/11 PTI/Economic Times

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Categories: Foreign Nov 2011, Indian Aviation- In General Nov 2011