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Latest Indian Defence News |
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The offsets policies of the Defence Ministry have helped the local private military and aviation industry to get contracts worth over Rs 14,000 crore in the last few years. The local Industry has bagged contract worth over Rs 14,000 crore due to the offsets policy under the Defence Procurement Procedure, Secretary (Defence Production) R K Mathur told reporters here. As per the offsets policy, foreign vendors bagging any deal worth over Rs 300 crore have to invest at least 30 per cent of the worth of the deal in the Indian industry only.
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The annual meeting of Defence Ministers of India and Russia, slated for tomorrow, has been deferred till October 10 due to inability of the visiting minister to reach here. The India-Russia Inter-Governmental Commission on Military-Technical Cooperation (IRIGC-MTC) between Defence Minister A K Antony and his Russian counterpart Anatoly Serdyukov is being held to take stock of the Defence relations. "The meeting of the India-Russia Inter-governmental Commission on Military Technical Cooperation (IRIGC-MTC) which was to be held tomorrow has been deferred due to the inability of the Russian Co-Chair of the Commission and the Defence Minister Serdyukov to travel to India as scheduled," a Defence Ministry release said.
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Amid speculations by Germany and Russia over the procurement of Rafale, Government is going ahead with the procurement of 126 French combat aircraft and effort is being made to complete the deal within this financial year. Contract negotiations for the multi-billion dollar deal will resume soon, sources said here. Questions had been raised over the process by an MP besides some other quarters but a committee of independent monitors has given a clean chit to the process, they said. Government is making efforts to conclude the deal during this financial year, sources said. The examination of the process was ordered by Defence Minister A K Antony after former MP Mysura Reddy questioned the method of selecting Rafale as the lowest bidder for the deal.
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The Defence Ministry has decided to impose unlimited penalty will be imposed on vendors failing to fulfill offsets obligation within the prescribed time frame as part of the Defence Procurement Procedure. The decision on 'Revised Offset Guidelines' was taken last month during the meeting of Defence Acquisition Council (DAC) and it shall be applicable from August, Defence Ministry said in a release today. "The overall cap on penalty will be 20 per cent of the total offset obligations during the period of the main procurement contract," it said. "There will be no cap on penalty for failure to implement offset obligations during the period beyond the main procurement contract, which can extend to a maximum period of two years."
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India has down selected two domestic Defence firms, one of which will execute the Indian Army's Tactical Communication System project worth over $2 billion (Rs.10,000 crore). This path-breaking move by the Indian Defence Ministry comes as a boost to the private sector Defence companies, as a special purpose company floated by Larsen & Tubro, Tata Power SED and HCL Infosys Limited, all private sector major that have entered into the Defence business, is one of the down-selected firm.
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