Paramount Group, the global aerospace and technology company and Bharat Forge (BFL), a leading Indian industrial group have announced the signing of a strategic, high level collaboration agreement to set up a joint venture to join the technologies, capabilities and expertise of both groups in the industrialisation and indigenisation of defence and aerospace systems, in response to emerging opportunities in the Indian market, such as 'Make in India' and globally.
The companies have also signed two Memorandums of Understanding (MoUs) during DefExpo 2020 held in Lucknow, covering immediate opportunities in the aerospace and special protected vehicle sectors.
The MoUs will enable Paramount Group and Bharat Forge to engage in joint efforts to seize the global opportunities for the design, development, industrialisation and indigenization of defence and aerospace products, services and systems.
Rajinder Bhatia, President & CEO, Defence and Aerospace, BFL, commented, "Paramount Group and Bharat Forge share a lot of complimentary capabilities and products, with this cooperation both groups are well positioned to cater to the varied requirement to address the defence situation in conventional and assymetric warfare."
Ivor Ichikowitz, Group Chairman of Paramount Group, said: "Building defence industrial eco-systems through strategic alliances have been the cornerstone of Paramount's portable manufacturing model and we are excited to develop our defence and aerospace systems technologies and solutions through strong and long-term partnerships. We are pleased to partner with Bharat Forge, a company that shares our philosophy of enabling local manufacturing through technology and skills transfer, the indigenisation of defence and aerospace technologies, and the creation of high value jobs that bolster economic growth. There are excellent synergies between our respective organisations laying the foundation for innovation, technology development and the indigenisation of defence capabilities."
The two organizations have jointly displayed Kalyani M4, a 4X4 multi-role armoured protected fighting vehicle and Kalyani Maverick ATC, an armouredtroup carrier at BFL's stall in Hall no 7 at DefExpo 2020. These vehicles have advanced mobility capabilities to go with their unmatched side blast protection of up to 50kgs of TNT explosives.