MTAR gets approval from Board for acquisition of Gee Pee Aerospace

The Board of Directors of MTAR Technologies Ltd (“MTAR”) have approved the acquisition of shares of Gee Pee Aerospace & Defence Pvt. Ltd., an MSME Company for a consideration of Rs 8.82 Crs. The Management is currently in discussion with the shareholders of Gee Pee Aerospace & Defence Pvt. Ltd. on the terms and conditions. This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content.

Keel Laying at Titagarh for Navy

Keel laying for the first ship of Diving Support Craft (DSC) project was held on 27 Jan 22 in virtual presence of reps from the Indian Navy, at M/s Titagarh Wagons Ltd., Kolkata. The contract for procurement of Five Diving Support Crafts (Yards 325 to 329) for the Indian Navy was signed in Feb 21 with M/s Titagarh Wagons Ltd.

MSMEs - Invest more in R&D, RM

Raksha Mantri Shri Rajnath Singh has called upon Micro, Small and Medium Enterprises (MSMEs) to invest more in research & development and manufacture new products & technologies and thereby contribute to the security and progress of the country. He was delivering the inaugural address at the MSME Conclave, organised by Department of Defence Production, Ministry of Defence in partnership with Society of Indian Defence Manufacturers (SIDM) in hybrid mode, in New Delhi on December 04, 2021.

Two firms to invest Rs 215 crore in UP’s Defence Corridor

The upcoming Defence Corridor in UP will not only host bigger companies manufacturing drones and missiles, but also firms that make cartridges for arms used by the security forces such as assault and sniper rifles and CQB carbines, frames for polymer frame pistols and safety equipment.

Two companies namely Delta Combat Systems Limited (Delta) and Werywin Defence Private Limited are investing Rs 215 crore in the Jhansi node of the Defence Corridor to set up their units for manufacturing smaller arms.