Kalyani Group announces joint venture with Rafael Defence System

The Kalyani Group has announced a joint venture with Rafael Advanced Defence System of Israel. This joint venture company will be based in India. The initiative is in line with the government’s ‘Make in India’ policy and will enable the development and production of high-end technology in the country, said the company. The joint venture will be a 51:49 partnership, with Kalyani Group holding 51 per cent stake as per the new FDI norms. Recently, the government had raised the FDI cap in defence to 49 per cent. The Kalyani Group claimed the joint venture will be among the first such ventures under the new FDI limits.

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