L&T signs deal to manufacture artillery guns with Hanwha Techwin
The Dollar Business Bureau
Indian multinational conglomerate Larsen & Toubro (L&T) signed a pact with South Korean weapons technology firm Hanwha Techwin for supplying artillery guns to the Indian Army. The deal is estimated to be worth Rs.4.5 billion (around $696.38 million), the two companies said on Friday.
Jayant Patil, Head - Defence and Aerospace Wing, L&T, said that the two firms will together manufacture self-propelled howitzer. It will give a boost to the Make-in-India drive, of Prime Minister Narendra Modi, to push the local industry.
The Indian Army had selected L&T for supplying 100 such guns, he said, while adding that the deal will be the first one under indigenisation campaign targeted at cutting down the army’s dependence on international imports.
The bigger projects of the military such as the acquisition of fighter planes, submarines and helicopters are making slow progress as the government is insistent on involving domestic players.
Chang Myoung Jin, Minister for Defence Acquisition Program Administration of South Korea said that the South Korean government was looking to considerably enhance defence cooperation with India.