Eye on defence April 2017

Contents title
Contents subjects
Dear readers,
This edition of the Eye on Defence provides insights on an important RFI issued
by the Indian Navy to reinvigorate its strategic advantage, highlights the FDI
situation in the Indian defence sector and the edition, being the first after Aero
India 2017, also summarizes the air show and the major takeaways from it.
Our first article focuses on the RFI recently released by the Indian Navy for 57 Multi Role
Carrier Borne Fighter Aircraft (MRCBF). We have provided insights on the requirements
mentioned in the RFI from a technical capabilities point of view, also attempting to identify
which platforms maybe eligible per the criteria mentioned. We have made an attempt to
assess what the OEMs offer over and above their product, in terms of developing the Indian
manufacturing ecosystem. Our article provides a holistic overview of the program and clearly
identifies the value proposition brought in by each OEM.
The second article highlights the contribution of FDI in the defence sector, or rather the lack
of it! The article tries to identify the measures taken by the Government to ensure ease of
business and a more investor-friendly environment in the defence ecosystem. With billions
worth of offsets pending for implementation, it is imperative that a capable and functioning
system exists to absorb it.
Our third article is an attempt to summarize the recently concluded Aero India 2017,
highlighting a few firsts that contributed to the positive takeaways from the event. There
were quite a few agreements signed and JVs announced; however, no major “deals” fructified
during the event and the wait continued for the finalization of the Strategic Partnership Model
(SPM) policy.
Among the other regular sections, we have the global A&D industry buzz, the domestic
industry buzz, RFIs/RFPs released, new projects and investments, joint ventures and alliances,
country-level deals, and global industry buzz. There, however, seem to be no fresh ILs issued
after the change of guard from the DIPP to the Ministry of Home Affairs.
I hope you find this issue useful. It has been our constant endeavor to make this publication
increasingly relevant to you, and we will appreciate your comments and suggestions in this
regard.
K. Ganesh Raj
Partner and Leader
Contents
Introduction
Indian Carrier Borne
Fighter Aircraft Program:
a renewed attempt to
equip the Navy
FDIs in Indian Defence
Industry – heading
towards more meaningful
contributions and impact?
Aero India 2017: a
few firsts in a gradually
improving reality!
Request for information
(January 2017 – March
2017)
Request for proposal
(January 2017 – March
2017)
New projects/
investments/contracts
JVs and alliances
Country-level deals
and initiatives
Industry buzz
Global industry buzz
Analysis of M&A trends
Eye on Defence
April 2017
1
2
10
14
20
22
26
28
30
32
34
36

2 | Eye on Defence
The Indian Navy currently has only one functional aircraft
carrier in service — the INS Vikramaditya, which is a Kiev
class aircraft carrier. The Navy’s aim is to have a total of
three aircraft carriers resulting in two fully operational
carrier battle groups on each of the western and the eastern
seaboards and an additional one for refits, making India
an operating “Blue-water Navy.” The 262m aircraft carrier
IAC-I Vikrant being built in CSL features a Short Take-Off But
Arrested Recovery (STOBAR) configuration with a ski-jump
suitable for 30 fixed-wing aircraft, primarily the Mikoyan
MiG-29K, besides carrying 10 Kamov Ka-31 or Westland Sea
King helicopters.
To equip these aircraft carriers, the Indian Navy formally
issued an RFI in Jan 2017, to be responded to by May 2017,
for a carrier-based fighter aircraft for INS Vikramaditya
and INS Vikrant. The Indian Navy is looking for 57 Multi-
Role Carrier Borne Fighter (MRCBF) aircraft with transfer
of technology and license production as part of the
Largely, the fighter aircraft should be:
• Capable of operations during the day and night in all
weather conditions and able to undertake single-seat
operations in all roles
• Suitable for shipborne air defence, air-to-surface
operations, buddy aerial refueling configurations,
reconnaissance and electronic warfare among others
• Suitable for both STOBAR and Catapult Take-off But
Arrested Recovery (CATOBAR) carrier operations,
without any major modifications; operational
restrictions, if any, should be mentioned in detail
• Capable of undertaking catapult launch from
contemporary Steam and Electro Magnetic Aircraft
Launch System (EMALS)
• Capable of carrying passive Electronic Counter Measure
(ECM) equipment as well as self-protection jammers
Indian carrier borne fighter
aircraft program: a renewed
attempt to equip the Navy
acquisition, along with an “option” clause. At present, the
Navy has close to 45 MIG-29K jets for operation from INS
Vikramaditya and the under-construction INS Vikrant.
The Ministry of Defence (MoD) is “desirous” of license
production of the aircraft under a technology transfer
arrangement. Due to the urgency, the deliveries of the
aircraft should start within three years of signing the
contract and be completed within a further period of
three years. Given the timeframe for delivery, OEMs may
find it challenging to establish production in India with
an acceptable degree of indigenization. According to
industry experts, the assembly facility in India can be set up
within 18—24 months, with about 10-15% indigenization
of the fighter, but it would take four years to get 30%
indigenization and at least seven years to indigenize
45%—50% of the fighter.
The Indian Navy currently only operates STOBAR-equipped
ski-jump deck carriers and is in talks with the US for
technological collaboration for the possible transfer of
EMALS, which would entail the adoption of CATOBAR
on future carriers. If the talks fructify, India’s second
indigenously built Vikrant-class carrier, the INS Vishal, would
be the first to incorporate EMALS technology.
It is not clear whether the Navy requires a single-engine
or a twin-engine aircraft. However, the expansive role
capability spelt out biases toward the selection of a medium-
to-heavy, twin-engine platform. Moreover, in its operational
configuration, the MRCBF would carry four “beyond visual
range” missiles and two “all aspect air-to-air missiles” along
with 75% internal fuel and 100% gun ammunition.
Proposed fighter aircraft specifications

3Eye on Defence |
The Indian Navy has also put down a list of specific questions on various technical grounds that will need to be answered by
the contending platforms. The specific requirements and questions largely include:
External vision
requirement
• Do the canopy, windshield and the surrounding structure should provide good all round
external vision from the cockpit (indicate field of view).
• Does the approach Angle of Attack (AOA) provide adequate “Over the Nose” vision as per MIL
standards for aircraft carrier approach and landing?
• Is the canopy material resistant to “crazing” and cracking?
• Does the aircraft provide adequate clearance between the pilot’s Helmet Mounted Sight and
Display (HMSD/Night Vision Goggle (NVG) and the canopy, during movement of pilot’s head to
either extreme?
• Is the windscreen capable of withstanding impact of a bird hit and which relevant MIL or
equivalent standards does it conform to? Quantify bird mass and CAS/Mach no.
• In twin-seater aircraft, is the external vision from the rear cockpit adequate for instructional
purposes including combat and armament training/ demonstration from the rear cockpit? If no,
what are the alternate methods to achieve the same?
Navigation and attack
system
• Inertial Ring Laser Gyro (RLG)/Fiber Optic Gyro (FOG) with Embedded Satellite Navigation
System (SNS)
• Does the aircraft have an open architecture mission computer and avionics system with
redundancy and an adequate capacity for integration of future weapons/sensors?
• Head up Display (HUD)
• Infra-Red Search and Track (IRST) and Laser Range Finder
• Radio / Laser Altimeter and Ground Proximity Warning System
• Digital Map Generation facility on the aircraft?
• Airborne Multi-Mode Radar
• Navigational and Recovery Aids
• Helmet Mounted Display (HMD)/ Direct Retinal Display (DRD)
• Mission Planning and Debrief System (MPDS)
EW system • Radar Warning Receiver (RWR)
• Missile Approach Warning System (MAWS)
• Internal ECM Systems (HBJ & LBJ)
• Counter Measure Dispenser System (CMDS)
• Laser Warning Receiver (LWR)
• Towed Decoy Capability
Night flying capability • Is the external lighting of the aircraft NVG compatible? Up to which Gen standards?
• Is there a provision of night formation lights?
• Is the aircraft capable of carrying out night Air-to-Air Refueling?
Weapons Capability of the following types of weapons and likeliness to be offered to the Indian Navy:
• Long/Medium Range Beyond Visual Range Air to Air Missile
• Short Range Missile
• Anti-Ship Missile
• Land Attack Missiles
• Anti-Radiation Missiles
• Precision Guided Munitions
• Unguided Munitions

4 | Eye on Defence
Currently, India’s only aircraft carrier INS Vikramaditya is
equipped with STOBAR systems and not the CATOBAR,
with angled ski jumps for aircraft to take off under their
own power. Notably, the Navy has not experienced any
operational constraints so far, as it does not have any
heavy aircraft in its inventory on these carriers. Even the
indigenous carrier INS Vikrant, which is under construction,
has STOBAR system to operate fighter aircraft using a ski
jump.
With the Navy expected to expand and acquire heavier
aircraft and UAVs to meet its maritime needs in the future,
having the EMALS CATOBAR system will allow the carrier to
launch aircraft at a faster rate and with improved ease.
In the ground-based scenario, an aircraft uses the required
length of a runway for takeoff and landings, which is not
possible on aircraft carriers because of space restrictions.
The primary takeoff assistance comes from the carrier’s four
catapults, which get the planes up to high speeds in a very
short distance. These catapult systems are of two types:
CATOBAR and STOBAR systems; with CATOBAR being the
preferred choice by navies around the world due to the
added advantages.
Differentiating features between platforms
Take off system Advantages Limitations
STOBAR system
No catapult system is used for assisted
takeoff from the deck
• Simpler in construction and
installation
• Inexpensive to maintain
• Only a few types of aircraft can be
launched
CATOBAR system
Uses steam catapult for launch of
aircraft
• Operationally flexible
• Ability to quickly launch bigger/
heavier aircraft (AWACS/AEW&C and
fully armed naval interceptors)
• It is expensive
EMALS technology, which is still being developed, makes use
of a Linear Induction Motor (LIM) instead of the conventional
steam piston drive, which, in turn, uses electric currents to
generate magnetic fields that propel a carriage along a track
to launch the aircraft. This technology is being developed by
US defence contractor General Atomics for the US Navy’s
super carrier, and no other country has ever developed or
used this technology as on date.
Compared to steam catapults, EMALS systems weigh less,
occupy less space, require less maintenance and manpower,
are more reliable, recharge more quickly and use less
energy.

5Eye on Defence |
Likely contenders
Saab
Dassault Rafale:
According to the requirements mentioned by the Navy,
currently six planes are compatible for aircraft carrier:
Rafale (Dassault, France), F-18 Super Hornet (Boeing, US),
MIG-29K (Russia), F-35B and F-35C (Lockheed Martin, US)
and Gripen (Saab, Sweden).
Saab’s offer includes, among others:
• Setting up of an aerospace eco-system in India along
with creating a local supplier base of ancillary systems;
• Partnering with an Indian firm in 36 months; ramping
up to 18 fighters per year
• Partnering with ADA in developing the Tejas Mark
IA, with four improvements needed; the Gripen NG’s
vaunted Selex Galileo Raven ES-05 AESA radar would
be manufactured in India for the Tejas Mark IA and the
Gripen NG. With a 100-degree sweep, this scans a wider
cone than any other current radar
The Indian Government has already signed an Inter-
Governmental Agreement (IGA) with France for the
purchase of 36 Rafale fighter jets at a cost of €7.87
billion (around US$8.8 billion). Having the “commonality”
advantage cost could be a headwind for the Rafale.
Saab Gripen
Single engine
Gripen Maritime
variant
CATOBAR and
STOBAR capable
Dassault Rafale
Twin engine
Rafale – M variant
CATOBAR capable
Lockheed Martin F-35
Single engine
F-35 B; C variants
F-35B: STOVL;
F-35C: CATOBAR
capable
Boeing F-18 E/F
Super Hornet
Twin engine
F-18 Super Hornet
CATOBAR capable
MiG 29K/KUB
Twin engine
MiG 29K/KUB
STOBAR capable
• Assisting ADA develop its planned fifth-generation
(Gen-5) fighter, the Advanced Medium Combat Aircraft
(AMCA); Saab is part of a European consortium working
on an unmanned stealth aircraft, called the nEUROn
Saab is, however, silent on the Tejas Mark II, which would
directly compete with the Gripen NG. Saab’s vision clearly
involves bypassing the Tejas Mark II and moving from the
Mark IA, to the Gripen NG and then to the AMCA.
Rafale is competively positioned, not only because of its
nuclear-strike variant but also because it is generally seen
as “low-maintenance” and possessing many similarities with
the Mirage aircraft that the IAF has already operated.

Lockheed Martin has been attempting an Indian order for
F-35s since the beginning of this decade. The F-35 push
for the MRCBF program could, however, have cost and
development issues as major drawbacks.
Meanwhile, Lockheed Martin is pushing its other offer
through the Defence Trade and Technology Initiative (DTTI),
Boeing’s F/A-18E/F Super Hornet will remain in service
through the 2040s, and possibly the 2050s, and the
company is offering to build it on a brand new Indian
production line. Boeing has also confirmed simulated
STOBAR ski–jump operations and claims that the Super
Hornet is capable of operating from INS Vikramaditya.
The Navy currently has around 45 MiG-29K fighters for its
aircraft carrier INS Vikramaditya. The aircraft is STOBAR
capable. However, recently the Indian Comptroller and
Auditor General raised an issue over the Russian MiG-29K’s
A combat-proven aircraft, with aerial refueling capability
and having enough growth potential for undergoing pre-
planned product improvements in a modular fashion, would
be the major criteria.
Some of the additional parameters on down selecting could
be:
• Level of transfer of technology (ToT) and deep repair
expertise the company is willing to share with India
• Critical technologies required and the ability to absorb
the aircraft manufacturing technology at the levels of
sub vendor/supply chain elements in India through ToT
from OEM and its partners
to shift its F-16 production line from Fort Worth, Texas,
to India. However, what Lockheed Martin is proposing is
transfer of only a part of the 1 mile-long final-assembly
line from Fort Worth, maintaining a sizeable final-assembly
line at Fort Worth for undertaking upgrade works for F-16s
already exported abroad. Low unit cost and high number of
global fighter aircraft exports are the plus points.
Meanwhile, Boeing announced the setting up of Boeing
Defence India (BDI) to support its operations in the country.
This reflects on how important a market India is for Boeing
ability to operate off a carrier. Correspondingly, there has
been talk of the need to hedge India’s bets for the second
indigenous aircraft carrier INS Vishal.
Lockheed Martin:
Boeing F-18:
MiG 29K/KUB:
Down selecting criteria
6 | Eye on Defence
• The delivery schedule: the first lot has to be delivered
in three years after inking of the contract and all the 57
have to be delivered in the next three years
• The Indian Navy’s preference for a twin-engine fighter
aircraft, which implies that F-18, Rafale and MIG-29K
could fit the role

7
Systems and technology: the probable major bone of
contention in transfer clauses
Indigenous efforts in developing the LCA Navy version
The Indian defence industry does not possess most of the
crucial technologies for aero platforms. The Technology
Prospective and Capability roadmap (TPCR-2013) broadly
mentioned the desired capabilities in various sub-segments
with special emphasis on avionics and weapons capability
and on providing a huge thrust to R&D activities.
The Indian Navy till date has spent over ~US$600 million
(INR3,635 crore) in the development of the Naval version
of LCA Tejas. The program to design and develop a carrier
borne fighter aircraft was sanctioned in 2003 after the
successful initial flight-testing of LCA (Air Force) variant
Tejas. Two prototypes, a two-seat trainer (NP1) and a single-
seat fighter aircraft (NP2), have been developed in Phase-1
of the program.
Recent statements on the Indian Navy’s rejection of the
LCA-Navy fighter aircraft due to it being “overweight and
unsuitable” are restricted to Mark I, which is a technology
demonstrator. According to the DRDO, the Navy’s
requirements are being fully addressed in the second
version, Mark II. By mid-2017, ADA is expected to achieve
the crucial “arrested recovery” or landing of the fighter on
a ship-like platform, and this would signal fruition of the
product,
Eye on Defence | 7
In many cases, the OEM itself may not have the intellectual
property rights (IPR) for sub-systems as it is mainly with
the tier-1s, due to which just the OEM would not have
the complete rights for a technology transfer. This would
therefore require further deliberations with the tier-1s also.
For example, for the Rafale platform technology sub
segment, tier-1s are as under:
Afresh, HAL’s MK-II is expected to undergo weight reduction
through a redesigned landing gear and associated structure
and increased internal fuel as critical driving factors in
its design. LCA Navy Mk2 will have enhanced mission
performance and better maintainability. Moreover, it would
be designed for up to 4.5g deceleration during arrestment.
It is anticipated that the LCA Tejas Mk 2 will be available for
testing this year and will be ready till 2024.
OEM/Tier-I Sub-systems Work share in platform
Dassault Main integrator, aero platform and
structure
~40-45%
Thales MDPU, electronics, radars and
optronics
~12-17%
Snecma S.A. or Safran aircraft engines Engines, APU, internal navigation, and
landing and braking systems
~13-18%
MBDA Missiles ~15-20%

8 | Eye on Defence
With HAL being the only indigenous focal point for demand
generation for fighter aircraft and components, the private
industry is awaiting the finalization of the SPM.
All the manufacturers of the contending platforms in the
program are either already involved in the Indian defence
ecosystem as suppliers of some platform or have offered
setting up an entire ecosystem in India. One of the key
differentiators therefore would be what each has to offer for
the overall development of the Indian ecosystem.
Value for Indian industry from the MRCBF program
Manufacturer On offer What can work What might not work
Saab (Sweden) • Setting up a complete
defence manufacturing
ecosystem in India
• Partnering in the
development of Tejas Mark
IA and AMCA
• Willingness to do a complete
technology transfer and build a
competitive local supply chain
would prove beneficial to the
domestic industry
• A new manufacturer and a
new platform might involve
some uncertainty
Boeing (US) • Setting up BDI to deliver
advanced capability and a
competitive supplier base
integrated into Boeing’s
supply chain
• BDI to oversee investments
in India including the TBAL
JV
• Fully operational Boeing India
Engineering and Technology
Center (BIETC)
• In-country support for regional
assets
• BDI to act as a local entity with a
local organization and capability
build up
• Technology transfers
maybe a bone of
contention, more so will the
new administration permit
the setup of a ‘line’ in India.
Dassault (France) • Incorporated Dassault
Reliance Aerospace
Limited (DRAL) for offset
obligations of the Rafale
deal
• Jointly bid for future
requirements of the armed
forces
• Already has an order for 36
fighter aircraft for the IAF, hence
the “commonality” factor would
help the armed forces.
• A “less maintenance” aircraft,
similar to the already supplied
Mirage aircraft to the Indian
forces
• Agreement to contribute in the
development of the indigenous
Kaveri engine program as part of
the offset obligations
• Cost can be a strong
headwind
Lockheed Martin
(US)
• Ongoing talks between
the US and Indian
governments for setting
up an F-16 manufacturing
base in India
• An assembly line of a war-proven
fighter aircraft would prove to
be a good case study for Indian
suppliers
• Technology transfers maybe
a bone of contention — more
so will the new Government
permit shifting of a ‘line’ to
India
Mikoyan (Russia) • Proposal to set up an after
sales service center for the
MiG-29 fighter aircraft
• Historically, Russia has been
a major supplier to the Indian
forces and has a significant
contribution in the current force
strength
• An attempt by the
Government to reduce
overdependence
• Technical capability

9Eye on Defence |
Supply chain creation
References:
The intent with the whole indigenization effort is to involve
domestic players at each level of the supply chain going
forward. The integrator can be a Strategic Partner which is
a selected private company, and the other tiers are mostly
MSMEs.
The crucial requirement is the level of ToT and deep repair
expertise the OEM is willing to share with India.
Huge requirement, market potential and willingness of
Indian partners to absorb ToT is helping in creating the
overall ecosystem for aerospace manufacturing in India,
from engineering to manufacturing to subsystems to
• “Navy launches search to procure 57 carrier-borne fighter jets,”
The Economic Times, 28 January 2017 via Factiva
• “SAAB offers Maritime Gripen to Indian Navy,” The Hindu, 11
February 2017 via Factiva
• “Russia To Pitch Upgraded MiG-29KUB For Indian Naval Fighter
Jet Procurement,” Defense World, 15 February 2017 via Factiva
• “Why the Indian Navy Is Unhappy With Its Carrier-Based Light
Combat Aircraft Project,” The Diplomat, 3 December 2016, via
Factiva
• “Aero India 2017: To fly off INS Vikramaditya, Boeing’s F/A-18
Super Hornet awaits Parrikar’s big Strategic partnership mode,”
The Financial Express, 17 February 2017, via Factiva
• “Indian Navy aircraft carriers and EMALS technology,” Q-tech
synergy, accessed 10 March 2017, http://www.defproac.
com/?p=4347
• “It’s Official: Indian Navy Wants 57 Carrier-borne Fighters,” Live
Fist, 25 January 2017, via Factiva
• “Transition to Guardianship,” Indian Navy website, accessed 10
March 2017, https://www.indiannavy.nic.in/sites/default/files/
Transition-to-Guardianship-07Apr16.pdf
• “Exclusive: Navy chief’s saying aircraft’s naval version did not
meet timeline ‘hurtful’, says Tejas director,” Indian Defence News,
4 December 2016, via Factiva
• “India Sanctions Engine Repair Facility for Naval Carrier Aircraft
MiG 29K” Defence Update, 22 February 2017, via Factiva
skill development. It is high time that the resources at
disposal are utilized and benefitted from as the indigenous
ecosystem strives to expand like never before.
The RFI overall endeavors to provide the Indian Navy with
a second platform option apart from the ~45 MiG 29-Ks
already in service. When concluded, the deal would also
benefit the Indian industry in terms of technical know-how
on a carrier borne aircraft, which can also be applied in
resurrecting the LCA naval version, originally rejected by
the Navy.

The current state of geo-political affairs, coupled with
concerns surrounding the upgrade of defence gears, has
nudged the Indian Government to take several measures
not only to accelerate defence procurements, but also to
promote technical capabilities for in-house research and
design. In order to meet its modernization needs, India’s
defence layout on capital procurements is anticipated at
US$200 billion—US$250 billion over the next decade.
India has historically been the largest importer of defence
systems and equipment worldwide, with close to 60%—70%
of its requirement being met by imports today. Over the
To begin with, the MoD listed the defence products that
would require compulsory licensing and provided the much-
desired clarity on this aspect. It then aligned the FDI policy
with the aspirations of the industry. The initial step in this
direction was to enhance the limit from the existing 26% cap
to 49%.
Once again, the licensing policy was the guideline for
determining if a product was under compulsory licensing
or not. Defence manufacturing was then opened up for
100% FDI, with the enhanced 49% limit now placed under
the automatic route, which could go up to 100% with prior
government approval. The duration of industrial license
has also been extended up to 15 years, with a permissible
extension of 3 years, to usher in administrative ease.
“Buy (Indian-IDDM),” the new procurement priority, is
targeted to help the Government achieve twin objectives of
ushering in modern technologies in defence procurement,
and promoting indigenization of design and manufacturing
of defence capital products. This would also provide
a fillip to the Government’s flagship “Make in India”
program, through benefits being extended to MSMEs’
inclusion in the supply chain with preferences as well
past two and a half years, the incumbent Government has
demonstrated a lot of commitment to reverse the trend by
embarking on the path to become self-sufficient through
progressive indigenization of defence manufacturing.
Significant policy strides have been made in this regard. The
Government has adopted a holistic approach to address the
concerns of the stakeholders in the defence sector, which,
along with the synergistic sectors of aerospace and internal
security, would provide a 360-degree coverage.
as multipliers for offsets (previously existing). In all of
this, the MAKE category has been pre-positioned in the
procurement process, with two sub categories, one funded
by the Government and the other, by the industry, with
reimbursement provisions on a case-to-case basis for the
latter. The stakeholders have to justify to the categorization
committees should they choose a higher classification,
making it more difficult to proceed toward a global category
of procurements.
It is in this backdrop that players in the defence sector, both
Indian and foreign, are looking up to forge alliances. While
all this was put in place, the Union Budget 2017-18 sounded
the alarm, for dispensing off with the requirement of FIPB
altogether. The FIPB will be abolished and a new framework
will be created, as the Government continues its efforts on
the reform agenda.
Measures to make the Indian defence ecosystem more
investor-friendly
10 | Eye on Defence
FDIs in the Indian defence industry:
heading toward more meaningful
contributions and impact?

11Eye on Defence |
There have been concerns raised on allowing FDI in
defence, such as no technology transfer taking place, the
Indian private sector not being able to compete globally,
FDI having adverse effects on DRDO and FDI being a
compromise on national security. FDI beyond 49% is still
under the government route, which means the applicant
company will still need the approval of the GoI. Requirement
of “modern technology” as a pre-requisite mandates the
applicant company to share technology as agreed.
There is a definite aspiration in the domestic industry, with
more than INR2 lakh crore worth of business placed under
the Make in India categories by the present Government,
which includes benefits from offsets besides participation
as tier-2/3 vendors. However, one single gap is in the form
of technology. DRDO-developed technologies were initially
The story of FDI inflows in the defence industry has not
been encouraging so far, with only ~US$5 million in FDI
equity inflows between April 2000 and December 2016.
A comparison of FDI inflow in the defence industry and
some of the top beneficiary sectors shows that as of now,
defence is not anywhere near the most favored sector in
the pecking order.
FDI equity inflows from April 2000 to December 2016:
made available to the public sector alone, a situation that
has been modified only recently, to now allow a level playing
field. This crucial gap can be filled by foreign companies
willing to collaborate.
Relaxed FDI norms would be helpful to DRDO to form
collaborative arrangements for co-development and also
in collaborative research. DRDO could do well to exploit
this opportunity provided by the Government to explore
collaboration in niche fields and fill up the identified gaps in
technology. Organic growth alone might require decades
to reach where major top companies and/or countries are
in terms of expertise, and the gap might just get wider.
Therefore, an attempt at inorganic growth, as now made,
can potentially get quicker results.
FDI norms made flexible
Historical FDI statistics do not do justice to the
progressive mindset of the Indian defence industry
Sector FDI inflows % of total inflows
Construction development: townships,
housing, built up infrastructure
~US$24.3 billion 7.49%
Telecommunications ~US$23.9 billion 7.38%
Automobile ~US$16.5 billion 5.09%
Construction (infrastructure) activities ~US$9.4 billion 2.88%
Defence US$5.1 million -
*Source: DIPP

12 | Eye on Defence
In the last three years, India has attracted only about
US$1 million in FDI in the sector, with the UK being the
biggest contributor. In FY14, close to US$0.82 million were
received from the UK, with France contributing close to
US$0.17 million in FY15 and FY16 while the US accounted
for the balance2
According to Mr. Manohar Parrikar, India’s
Defence Minister, in the current year “till September 2016,
no FDI inflow has been received” — a not so encouraging
statistic given that overall inflows are expected to cross
US$60 billion this financial year. Things are, however,
expected to change by the end of the decade.
As of 30 November 2016, a total of 36 offset contracts
totaling US$11 billion were signed, with the last contract
expected to get over by 2024; however, only US$2 billion
worth contracts have been filed for claims compared to
US$2.4 billion that should have been.
The key signed offset projects adding up to more than
US$6 billion are potential sources of FDI and are expected
to be implemented by the end of this decade. These
include programs across platforms such as fighter aircraft,
transport aircraft, helicopters and weapons. The offset
agreements ensure sourcing of parts and materials from
Indian domestic players and/or setting up facilities in India
by the OEMs, thereby creating a local supply chain in the
process.
As stated by the Secretary for Defence Production, Mr.
Ashok Kumar Gupta, in the last decade signed contracts
have fetched ~US$5 billion worth of offsets and there are
another US$15 billion in offsets likely to accrue in the next
15 years, reflecting a US$1 billion offset obligation per year
on an average3
With the slew of reforms undertaken by the Government, it
is natural for the global defence majors to view India as the
most attractive destination for their future expansion and
endeavors. The same product produced from India could be
cost-effective besides providing the abstract boost in terms
of acceptability. Labor arbitrage is just one of the small
economic benefits that can be drawn in the entire gamut of
production advantages in India.
The private sector, in the recent past, has exhibited
immense energy and demonstrated capability in many
areas, including niche ones. Small companies of the 2000s
era have grown having gained first-hand experience
as Indian offset partners to foreign OEMs and having
participated in a few other programs. OEMs may like to view
this as an opportunity to make the right type of investments
in terms of technologies and production enhancements.
This would provide the armed forces with options to source
their systems at cost-effective prices and higher global
quality standards.
Collaboration with DRDO in co-development of critical
technologies, addressing gaps in technologies through
technology transfer and conducting fundamental research
and development of pure sciences, is an area OEMs
may like to explore. The pool of young talent with their
understanding of engineering technologies and immense
knowledge base are major attractions.
Make in India has at least two connotations: one focused on
domestic demand and the other on servicing global demand.
In many cases, both may co-exist; it is all about a business
plan. FDI could come through tier2 and 3 cooperation
from both sides. These corporations are the ones that hold
technology and will make a difference through horizontal
integration. We have already witnessed some flavor of
vertical FDI with upstream and own stream investments
in the value chain. What we are likely to now experience is
horizontal FDI and platform FDI: potential game-changers
for the Indian defence ecosystem.
Why should foreign companies come to India with FDI
and has the Indian Government done enough to reap its
benefits?

OEMs, with the realization that they would need to partner with Indian primes to lead the procurement process, are expected
to make necessary alliances. Also, with the abolition of the FIPB, the spirit of reforms should enable a more proactive
approach for inviting FDI in the country, ideally characterized by more reforms and faster approvals. However, it is also
imperative now that the Government work full throttle on constructing a functioning system machinery that is capable
enough of absorbing the impending investments. This would ensure time-bound growth of the domestic industry without
further delays and postponements.
• “Govt places Rs 2 lakh crore Defence order under Make in India,” The Indian Express, 9 September 2015 via Factiva
• “No Bucks for Bang? India Has Netted Only US$1 Million in FDI For Defence Sector,” The wire, 30 December 2016 via Factiva
• “Skirting the Rules Leaves India’s Defense Industry Short-Changed,” Bloomberg, 28 September 2016 via Factiva
• DIPP, FDI statistics
• Parliamentary queries
Conclusion
References
13Eye on Defence |

14 | Eye on Defence
Aero India 2017: a few firsts in a
gradually improving ground reality!
A full-scale mock-up of HAL’s multirole helicopter
Spread across more than 27,000 sq. m., the 11th edition of Aero India at Bengaluru
witnessed participation from close to 550 companies and 72 aircraft platforms from ~50
countries across a period of five days, during 14—18 February 2017.
Apart from hosting a Chinese delegation for the first time, Aero India 2017 saw many firsts
on the indigenous platform front including:
HAL displayed the mock-up of India’s twin-engine multirole
helicopter (IMRH) in its preliminary design phase at Aero
India. There are two versions planned for the platform:
a 24-seater troop configuration and an 18-seater VIP
transport version.
According to a HAL representative, an RFI for engines is
expected this year with initial deliveries of the platform
being planned for the Air Force and the Army. The IMRH
is expected to weigh 12.5 tonne with a range of 500 km
(can be extended to 800 km with external fuel tanks) and
capability of carrying a 3.5 tonne payload. HAL is also
targeting export orders for the IMRH.
India has a total requirement of 800—1,000 helicopters in
various segments over the next decade.

15Eye on Defence |
AMCA: confirmation of AMCA entering preliminary
design stage
Advanced Hawk jet trainer aircraft formally unveiled
The preliminary design stage is a bridge between the
concept and detail design stages. DRDO has confirmed it
has a seven-year deadline to complete the development
The prototype, scheduled for its first test flight in the
UK in March, was unveiled on 14 February. The trainer
aircraft is equally funded by HAL and BAE Systems and
features an upgraded wing and enhanced thrust, which
qualifies it to carry weapons and act as the “companion
fighter” alongside frontline fighter aircraft. The suite
also includes air-to-air and ground attack missiles along with
laser-guided bombs as part of the 3 tonne payload.
However, the Indian Air Force and the Indian Navy have not
yet evinced interest in the platform, due to which HAL may
need to consider export orders also from the outset.
work and prepare a technology demonstrator (TD) for a first
flight by 2025.
It would require another 5—7 years for prototype building
and trials and testing.

“Netra” — the indigenous AEW&C surveillance
aircraft — handed over to the Air Force
DRDO handed over the first “Netra” to the Air Force
during Aero India and will be delivering the second and
third aircraft in May—June 2017 and sometime in 2018,
respectively.
Netra, built by DRDO’s Centre for Airborne Systems
(CABS) on an Emb-145 platform, has a 240-degree
surveillance capability within a 250—375 km range.
DRDO expects the estimated production cost for each
AEW&C to be about US$400 million. The platform can
also act as a command and control center to support air
defence operations, also serving as a force multiplier.
The platform has been built as a system of systems with
state-of-the-art AESA radar, secondary surveillance radar,
electronic and communication counter measures, line of
sight and beyond data link, voice communication system,
self-protection suite and air-to-air refueling capability.
DRDO also has plans for a next-generation AEW&C based on
the A330 aircraft, with 360-degree coverage and a higher
detection range. The expected cost of this next-generation
AEW&C program (for around 6 aircraft) is US$3 billion.

First procurement contract under
Buy and Make (Indian) category:
The Indian Navy signed a contract with Nova Integrated
Systems Ltd (NISL), a wholly owned subsidiary of Tata
Advanced Systems Ltd (TASL), for procurement of
surface surveillance radars (SSR).
The SSR program (in partnership with Terma, a Denmark
based company) involves delivery, installation and
commissioning of the radar systems, with deliveries spread
over 10 years. The proposed radar, Scanter 6000, is based
on the latest solid state technology and is also suited for
coastal surveillance applications.
References:
• https://www.terma.com/press/news-2017/tata-and-mod-ssr-
contract/
• http://www.janes.com/article/68249/nisl-terma-to-provide-new-
surface-surveillance-radar-to-indian-navy

18 | Eye on Defence
Aero India 2017 did not pan out as expected in terms of
actual transactions, with only one business deal signed: a
US$8.5 million ToT contract for in-country maintenance
of Saab’s Integrated Defensive Aides Suite (IDAS) in India
between Saab Grintek Defence and HAL’s Avionics Division.
Collaborations and agreements were the order of the day
18 | Eye on Defence
S. no. Indian company Foreign company Particulars
1 Kalyani Strategic
Systems Ltd.
IAI (Israel) MoU to create a JV for manufacture of specific air
defence systems and lightweight special-purpose
munitions
2 Dynamatic Technologies IAI (Israel) Co-operation agreement for production and assembly of
mini UAVs in India along with support
3 Tata Advanced Systems Ltd.
(TASL)
Raytheon
(US)
MoU for co-production of Stinger air defence missile
components
4 BDL Thales
(France)
MoU to explore opportunities for ToT of StarStreak
missiles
5 L&T MBDA
(France)
MoU to set up L&T MBDA Missile Systems Ltd., a 51:49
JV to manufacture missile systems for supply to Indian
armed forces
6 Mahindra Aerostructures Segnere SA
(France)
Collaboration on airframe manufacturing opportunities
Concerned parties Location Objective
Aequs Tuem, Goa Development of physical infrastructure with multi-capability precision
engineering with CNC machines to produce precision components
The initial investment is pegged at around US$70 million (INR 500 crore)
Airbus, AEROCAMPUS
(France), Govt. of
Telangana, National Skill
Development Corporation
of India
Hyderabad Establishment of a center of excellence for aerospace skill development
Dassault Systems, Govt. of
Karnataka
Near
Bengaluru
Setting up of an aerospace and defence CoE to provide high-end training
to ~1,600 engineers every year
Axiscades and Drone Volt
(France)
MoU to address the market for drones in the Indian defence ecosystem
and also give access to the Drone Hercules 5 UF
Separately, there are ongoing discussions between the
Indian and US governments on setting up a manufacturing
base for F-16s in India.
However, there were a few agreements announced that
hold potential for significant developments in the out-years.
There were also announcements of opening of facilities
and/or centers of excellence in India, including:

19Eye on Defence |
• “Setback for Make in India initiative after IAF says no to advanced
Hawk trainer jets,” The Indian Express, 6 February 2017 via
Factiva
• “Aero India 2017: AMCA program enter into Preliminary design
stage, first flight likely by 2025,” IRDW News Network, 27
February 2017
• “Aero India 2017: IAF want 3rd NETRA AEW&C surveillance
plane too,” IRDW News Network, 27 February 2017
• “About Aero India,” Aero India website, accessed 10 March
2017, http://www.aeroindia.in/aboutus.aspx
• “Aero India 2017: Tie-ups, The New Trend,” BW Business world,
7 March 2017
• “Aero India 2017 - A Curtain Raiser,” Press Information Bureau,
10 February 2017
Aero India arguably generated the most interest in 2011
(involving more than 650 participating companies) with
the Medium Multi Role Combat Aircraft (MMRCA) program
in the works. Now with the dust settled on the program
after its scrapping, and a G2G deal for 36 Rafale fighter
aircraft signed, Aero India 2017 coincided with a time when
there are a couple of major helicopter programs at various
stages of fructification, including the NMRH and NUH
requirements.
Compared to the 2015 edition of the event, the 2017
edition saw a significant reduction in the number of
participating companies, from 644 to 549 (with only 279
References
from overseas versus 326 earlier). The biennial event has
not gathered as much momentum as was expected, and
garnering further heightened interest in the air show would
depend on how the existing program executions pan out
in the next two years. Given the consistent efforts of the
major Indian players in developing a defense-manufacturing
ecosystem in the country, it is only a matter of time before
things start rolling.
Although Aero India 2017 may not appear to have been
successful in terms of concrete deals, the groundwork has
been done with hopefully impending results in the very near
future.

Issue date Details Response date Issued by Service
9 March 2017 Overall planning system — software for the
Indian Air Force
10 April 2017 Dte of Plans Indian Air
Force
4 March 2017 EoI of AD Gun, Qty: 428 approx.; and
ammunition, Qty: 4,500,000 approx. under
the “Buy and Make” category, OFB
30 March 2017 Gun Carriage Factory
Jabalpur-482011
OFB
1 March 2017 Short range surface-to-air missile system for
Naval surface platforms
30 April 2017 Dte of Staff Requirements
DIR (SA)
Indian Navy
20 Feb 2017 Acquisition of 02 pollution control vessels
(PCVs), for the Indian Coast Guard
28 April 2017 Dte of Special Operations and ICG
16 Feb 2017 Special operation rigid hull inflatable crafts
For spl. ops.
30 March 2017 Diving Indian Navy
15 Feb 2017 Naval ship borne automatic dependent
surveillance broadcast receivers
31 March 2017 IHQ MoD (Navy) Indian Navy
14 Feb 2017 Machined body 5.56 mm assault rifle/
excalibur
3 March 2017 Rifle Factory Ishapore OFB
4 Feb 2017 Air cushion vehicles (ACVs), Qty: 06 3 April 2017 DIR(SA) ICG
25 Jan 2017 MRCBF 24 May 2017 Directorate of Information Tech Indian Navy
24 Jan 2017 Missiles for IGLA-1M weapon system, Qty:
500
20 Feb 2017 Army AD Dte Indian Army
24 Jan 2017 Missiles for Kvadrat weapon system, Qty: 200 20 Feb 2017 Army AD Dte Indian Army
24 Jan 2017 Missiles for Strela 10M weapon system, Qty:
250
15 Feb 2017 Army AD Dte Indian Army
21 Jan 2017 Mini truck, 2017 for Indian Army 17 Feb 2017 Dte Gen of Sup and Tpt Indian Army
11 Jan 2017 Software-defined radio (SDR) (Airborne SDR) 17 Feb 2017 Sigs Dte Indian Army
5 Jan 2017 Mobile commutated aerial direction finder
(CADF), Qty: approx. 13
6 Feb 2017 Dte Of Plans Indian Air
Force
5 Jan 2017 SDR (hand-held, manpack, truck ground,
armored fighting vehicle SDRS)
17 Feb 2017 Directorate General of
Signals (Signals-5)
Indian Army
20 | Eye on Defence
Request for information (January
2017—March 2017)

Issue Date Details Response
Date
Issued by Service
10 March
2017
25 watt and 5 watt VHF digital radio sets, Qty:
38 and 25, respectively
15 April 2017 Inspector General SSB SSB
10 March
2017
Konkurs-M Warhead consisting of main and
precursor charges
16 May 2017 HEMRL DRDO
10 March
2017
High resolution DSLR camera with remote
operation unit
8 May 2017 ITR Chandipur DRDO
9 March 2017 Round 120 MM FSAPDSMK-I and MK-II 12 April 2017 ARDE DRDO
8 March 2017 Gloves Inner NBC and Gloves Outer NBC on
Single Bid System
5 April 2017 Controller of Procurement Indian Navy
8 March 2017 Breathing air compressor for ND(V) 25 March 2017 Naval Dockyard Visakhapatnam Indian Navy
7 March 2017 Integration of ballistics in sniper fire simulator
PoC
15 March 2017 Simulator Development Division Indian Army
7 March 2017 Soft Armored Panel (SAP Protection Level-
3A) of BP Jacket, Qty: 42
29 March 2017 5TH Reserve Battalion Indirapur CISF
7 March 2017 Helmets for Chetak Aircraft, Qty: 74 22 March 2017 Controller of Procurement Indian Navy
3 March 2017 QR for multipurpose night vision monocular --- DGBSF BSF
1 March 2017 Modeling and simulation of penetration of
FSAPDS projectile onto various targets
22 March 2017 ARDE DRDO
28 Feb 2017 Radio frequency calibrator to augment
calibration facilities at CNAI (West) and CNAI
(East)
10 May 2017 DGNAI,IHQ MoD Navy Indian Navy
28 Feb 2017 QR-electronic shooting range, 2017 ----- DGBSF BSF
28 Feb 2017 Electronic FUZE M85P13 A2 filled, 2017 16 March 2017 Ordnance Factory, Chanda — MM OFB
24 Feb 2017 Quadracopter drone for ND(V), Qty: 02 4 March 2017 Naval Dockyard Visakhapatnam Indian Navy
20 Feb 2017 Integrated 450 kg HSLD bomb, Qty: 05, DRDO 1 March 2017 ARDE DRDO
20 Feb 2017 Various items, AGL grenade drill, UBGL drill
bomb, 51mm motor HE sectionised, AK47 drill
cartridge etc.
15 March 2017 IG STC BSF K/CAMP Border
Security
Force
18 Feb 2017 Hand-held radio set; qty: 16, for Indian Army 27 Feb 2017 25 Inf Div Ord Unit Indian Army
18 Feb 2017 Global positioning system T-90(MK-II), DRDO 10 March 2017 Heavy Vehicle Factory, Avadi -
MM
DRDO
17 Feb 2017 Blasting machine, Qty: 3; bomb suit, Qty 7;
and half body suit, Qty: 1 for SSB
28 March 2017 DG SSB SSB
13 Feb 2017 Fuze Antiremoval Mine at 2B ND; Qty: 5,182,
OFB
10 March 2017 Ordnance Factory Badmal OFB
Request for proposal
(January 2017 – March 2017)
22 | Eye on Defence

Date
Issued by Service
10 Feb 2017 Propellant for A-7 Ammn.; Qty:38,000 Kg,
OFB
10 Mar 2017 Ordnance Factory Varangaon OFB
9 Feb 2017 Bullet-proof harness with shoulder pad, Qty:
4,393, BSF
15 Mar 2017 DIG(Prov) BSF
8 Feb 2017 Multi-zone door frame metal detector, Qty:
24, for Assam Rifle
2 Mar 2017 Directorate General, Assam
Rifles,
Assam Rifle
7 Feb 2017 Medium-sized helmet and oxygen mask, DRDO 25 Feb 2017 The Director, Debel DRDO
7 Feb 2017 Light-weight integrated helmet for Su-30
Aircraft, Qty: 12, DRDO
25 Feb 2017 DEBEL DRDO
6 Feb 2017 Security devices (threat prevention appliance)
for Indian Navy
16 March 2017 Directorate of Information Tech Indian Navy
4 Feb 2017 NBC decontamination suit, Qty: 337, for
Indian Navy
28 Feb 2017 Material Superintendent Indian Navy
4 Feb 2017 Medium bullet-proof vehicle (MBPV), Qty: 15,
SSB
6 March 2017 DG, SSB SSB
4 Feb 2017 Passive radar experimental setup, Qty: 01 set,
DRDO
6 March 2017 DARE DRDO
3 Feb 2017 Plug 52 mm for shell 130 mm HE to CQA
Ammn., made out of polyustrine; Qty: 48,306
+ 50% O.C.
6 March 2017 Ordnance Factory Ambajhari OFB
2 Feb 2017 Hiring of services for automated propellant
grain arrangement and filling of BMCS M92
using special purpose machine; Qty: 150,000
at OF Nalanda
7 March 2017 Ordnance Factory Nalanda Rajgir
Bihar
OFB
31 Jan 2017 Mobile bomb detection equipment, Qty: 01 for
Indian Navy
21 Feb 2017 Base Victualing Yard,
Visakhapatnam
Indian Navy
30 Jan 2017 Optical proximity sensing module, DRDO 9 March 2017 MMG DRDO
27 Jan 2017 High resolution binocular with graticule — QR -- DG BSF BSF
25 Jan 2017 Binocular 8 X 30 R, Qty: 06 17 Feb 2017 Controller of Procurement Indian Navy
25 Jan 2017 Night vision device, Qty: 45 21 Feb 2017 Ministry of Information and
Broadcasting
Indian Navy
25 Jan 2017 Thermal imaging camera, Qty: 01 9 Feb 2017 Air Force Station, Hindan
Ghaziabad
Indian Air
Force
24 Jan 2017 Goggles protective field type “F” (size: large),
Qty: 400
22 Feb 2017 O IC LP Indian Air
Force
22 Jan 2017 Filled fuze for shell 130mm HE ammunition;
Qty: 250,000 + 100% option clause
27 Feb 2017 Ordnance Factory Chandrapur OFB
23Eye on Defence |

Date
Issued by Service
21 Jan 2017 Hand-held explosive detector 30 Jan 2017 UB Area Provost Unit Indian Army
20 Jan 2017 Mobile bomb detection equipment 31 Jan 2017 Indian Navy
19 Jan 2017 Electronic target system (electronic popup
target system, Qty: 08; electronic turning
target system, Qty: 08; electronic moving
target system, Qty: 08; moving target rail (25
Mtr) Qty: 04, for Assam Rifle
31 Jan 2017 DG AR Assam Rifle
18 Jan 2017 Jacket tactical, Qty: 60, for Indian Air Force 31 Jan 2017 Air Force Station, Hindan Indian Air
Force
18 Jan 2017 CNAL/NBCD Items, 2017 01 Feb 2017 Controller Procurement Indian Navy
16 Jan 2017 Bullet-proof jackets with flotation capabilities
and ballistic helmets, Qty: 408 each., for
Indian Coast Guard
27 Feb 2017 PD LOG Indian Coast
Guard
14 Jan 2017 FRP single engine speed boat with four stroke
OBM, Qty: 20
22 Feb 2017 Commandant (Proc) BSF
14 Jan 2017 Helmet, Qty: 518, CRPF 09 Mar 2017 DIGP GC CRPF CRPF
13 Jan 2017 3-12X50 sniper grade telescope with eye
relief and Mil dot (without range finder) for
7.62MM sniper rifle
3 Feb 2017 Rifle Factory, Ishapore OFB
13 Jan 2017 Marina pontoon with canvas canopy for Indian
Navy (IN)
08 Feb 2017 CPRO KOCHI Indian Navy
13 Jan 2017 3-12x50 sniper grade telescope with eye relief
and Mil dot for 7.62mm sniper rifle, Qty: 85
3 Feb 2017 Rifle Factory Ishapore Nawabganj
Kolkata
OFB
12 Jan 2017 Three types of resistors required for
production of Fuze FB-40
10 Feb 2017 Machine Tool Prototype Factory,
Ambarnath
OFB
12 Jan 2017 Oscillator required for production of FUZE
FB-40
10 Feb 2017 Machine Tool Prototype Factory,
Ambarnath
OFB
11 Jan 2017 Bullet resistant helmet ballistic (color: olive
green), Qty: 20,000
20 Feb 2017 Commandant (Proc) CRPF
11 Jan 2017 81 mm mortar simulator; Qty: 15, through
online global tender
7 Mar 2017 Provisioning Directorate
(Procurement Cell)
BSF
10 Jan 2017 NBC permeable suit MK IV, Qty: 812 7 Feb 2017 Material Organisation Indian Navy
9 Jan 2017 Hand-held thermal imager, Qty: 14 16 Jan 2017 HQ WAC, IAF Indian Air
Force
9 Jan 2017 Multi-zone door frame metal detector, Qty: 60 21 Feb 2017 AIG/PROV CISF
24 | Eye on Defence

Date
Issued by Service
06 Jan 2017 Submarine breathing apparatus (SBA), Qty:
218; and extended submarine breathing
apparatus (ELBA), Qty: 121
01 Feb 2017 Directorate of Procurement Indian Navy
6 Jan 2017 LVDT simulator, Qty: 15 24 Jan 2017 GTRE DRDO
6 Jan 2017 Goggles GS MK-2 13, Qty: 515 30 Jan 2017 DG ITBP ITBP
05 Jan 2017 NATO 5.56 mm carts (Belfed/Linked) for
NEGEV LMG, Qty: 3,403,424
16 Feb 2017 Dte of Armt & Safety Eqpt Indian Air
Force
5 Jan 2017 ToT for 500 Kg general purpose bomb — EOI 1 Feb 2017 ARDE DRDO
4 Jan 2017 Bullet-proof jackets, Qty: 1,728 1 March 2017 Dte of Ops (Off) Indian Air
Force
3 Jan 2017 Personal communicator sets, Qty: 10 each 23 Jan 2017 Officer in Charge ATG Indian Air
Force
2 Jan 2017 Set of components for MRP detonator 24 Jan 2017 Ammunition factory Kirkee OFB
25Eye on Defence |

*approximate values
26 | Eye on Defence
Name of entity Project details Value*
Defence Acquisitions Council
(DAC) and Indian Navy
• DAC cleared a proposal to procure four state-of-the-art naval warships
equipped with the BrahMos supersonic cruise missiles.
• Two of the four warships will be built in Russia, while the remaining two
will be built in India. The vessels would serve as follow-on warships of the
Talwar class frigates, six of which are already operational in the Indian
Navy.
INR200 billion
DAC and Indian Navy • DAC approved acceptance of necessity (AoN) for 38 radar stations to
improve the electronic surveillance of the Indian coastline.
• The DAC also approved four mobile surveillance stations along with the
integration of vessel traffic management systems in two places on Gujarat
coastline.
INR8 billion
Tata Power SED and the
Kalyani Group
• Tata Power SED and the Kalyani Group, in collaboration with DRDO, would
jointly manufacture the Advanced Towed Artillery Gun System (ATAGS),
India’s first indigenous 155mm/52-caliber towed artillery gun.
• The MoD is expected to order 114 guns initially. The contract is likely to be
finalized next year.
INR24 billion
New projects/investments/contracts

*approximate values
27Eye on Defence |
Name of entity Project details Value*
Elbit Systems and Alpha
Design Technologies
• Alpha technologies won an INR21 billion (US$30 million) contract from
Elbit Systems as an offset partner on the Indian Air Force Mi-17 helicopter
upgrade program.
• Alpha Technologies will manufacture sub-units such as smart displays,
digital voice recorder (DVR) and missile launch detection systems (MILDS)
for the fleet of 90 Mi-17 helicopters.
~INR21 billion
Reliance Defence &
Engineering (RDEL) and the
Indian Coast Guard
• RDEL won a contract from the MoD for the design and construction of 14
fast patrol vessels for the Indian Coast Guard.
• The vessels would be medium range, high-speed vessels and would be
primarily used for patrolling, costal surveillance and rescue operations.
INR9.2 billion
MKU Industries and the
Indian Army
• MKU Industries has won a contract for supplying 158,000 helmets to the
Indian Army.
• The new helmets would be able to withstand the impact of 9mm bullets
fired from a short range.
~INR1.8 billion
Hindustan Aeronautics
Limited (HAL) and SAAB
• HAL’s Avionics Division and SAAB Grintek Defence have signed a contract
to deliver ToT for in-country maintenance of Saab’s Integrated Defensive
Aids Suite system (IDAS) in India.
• The IDAS will serve as the electronic warfare self-protection system for
the IAF and the Army Aviation Corps’ variants of Dhruv advanced light
helicopters.
INR586 million
Bharat Electronics (BEL) and
Elbit Systems
• BEL has won an offset contract from Elbit Systems for the supply of 10 Compact
Multi-Purpose Advanced Stabilized Systems (CoMPASS) for use in the light combat
helicopters (LCHs) used by the Indian armed forces.
NA
Sources:
• “Defence Ministry clears Rs 20,000 crore proposal, 4 state-of-the-art warships to be added to Navy,” India Today, 7 March 2017, via
Factiva
• “Government approves 800 crore for coastal security surveillance,” The Indian Express, 21 February 2017, via Factiva
• “Low-key Aero India 2017 witnessed limited agreements,” Defense news, 17 February 2017, via Q-tech Synergy Newsletter
• “Reliance Defence bags Rs 916 crore contract from Indian Coast Guard,” Business Standard, 30 January 2017, via Q-tech Synergy
Newsletter
• “In Policy Reversal, Private Companies to Build Indian Howitzer,” Defense News, 25 January 2017, via Q-tech Synergy Newsletter
• “Alpha signs USD 30 mn deal with Elbit for IAF's MI-17,” Press Trust of India, 16 February 2017, via Factiva
• “Bharat Electronics bags offset contract order from Elbit Systems,” Business Line, 15 February 2017, via Factiva

Name of the entities Nature of transaction Value
Kalyani Strategic Systems
Limited and Israel
Aerospace Industries (IAI)
• Kalyani Strategic Systems Limited has inked a Memorandum of
Understanding (MoU) with Israel’s IAI to incorporate a JV in India.
• The JV will focus on manufacturing specific air defence systems and
lightweight special purpose munitions.
NA
Dynamatic Technologies
Limited and IAI
• Dynamatic Technologies have signed an agreement with IAI for the
production, assembly and support of mini UAVs in India.
• The agreement includes ToT and production capabilities from IAI to
Dynamatic Technologies to enable India’s capability for mini UAV systems.
NA
Bharat Dynamics Limited
and Thales
• Bharat Dynamics and Thales signed a MoU for assessing opportunities for
ToT of the Thales flagship StarStreak missile capability to India.
• Under the agreement, Thales and Bharat Dynamics will plan a “Make in
India” solution to help grow international demand for StarStreak.
NA
TASL and Raytheon • TASL has signed an MoU with Raytheon to jointly manufacture the Stinger
Air Defence (SAD) missile components. According to the MoU, TASL will
produce components of the Stinger missile in India.
• India is one of the international customers of the SAD missile and will equip
its Apache AH-64 helicopter fleet with the SAD missile.
NA
Larsen & Toubro (L&T)
and MBDA (UK)
• L&T and MBDA have signed an agreement to set up a 51:49 JV, L&T MBDA
Missile Systems Ltd, focused on developing missile systems for the Indian
armed forces.
• The JV is expected to be incorporated during 2Q17.
NA
JVs and alliances
28 | Eye on Defence

Mahindra Aero
structures and Segnere
SAS (France)
• Mahindra Aero Structures and Segnere SAS have entered into a partnership
to collaborate on airframe manufacturing opportunities in India. The
partnership will also focus on expanding capabilities to cater to the
international aerospace market.
NA
Samtel and Hanwha
Systems (South Korea)
• Samtel and Hanwha Systems have signed an agreement to enter into a
partnership for manufacturing of seekers and other defence electronics
components in India.
NA
RDEL and Strata
Manufacturing PJSC
(UAE)
• RDEL and Strata Manufacturing, wholly owned by UAE-based Mubadala
Development Company, have signed an MoU to collaborate on advanced
aerospace manufacturing capabilities.
• Under the MoU, Strata and Reliance will consider new opportunities in the
commercial aerospace market, address the emerging market for 3D printing
of aircraft components and obsolescence management. They will also
consider other areas of growth related to Abu Dhabi Economic Vision 2030
and Make in India initiatives.
NA
29Eye on Defence |
Sources:
• “Kalyani Group, Israel’s IAI set to form joint venture,” Business Line, 15 February 2017, via Q-tech Synergy Newsletter
• “Israel Aerospace Industries, Dynamatic Technologies Limited ink pact on Mini UAVs in India,” Business Standard, 15 February 2017, via
Factiva
• “Thales, Bharat Dynamics get into transfer technology agreement,” India Today, 15 February 2015, via Factiva
• “Raytheon Company signs MOU with Tata Advanced Systems,” The Economic Times, 17 February 2017, via Factiva
• “L&T and MBDA forms JV to make missile systems in India,” Business Standard, 15 February 2017, via Factiva
• “Mahindra Aero-structures signs deal with Segnere SAS,” Live mint, 15 February 2017, via Factiva
• “Home grown avionics player Samtel tying up with South Korean firm for missile electronics,” The Economic Times, 10 February 2017, via
Factiva
• “RDL to collaborate with UAE`s Mubadala,” Gulf Times, 17 February 2017, via Factiva

Israel • India and Israel have signed a
government-to-government contract
worth INR170 billion for a medium-
range surface-to-air missile (MR-SAM)
for the Indian Army.
• The system will be jointly developed
by DRDO and IAI.
• The MR-SAM system is a land-based
configuration of the long-range surface-to-air
missile (LR-SAM) or Barak-8 naval air defence
system. The system will have a range of 50—70
km.
• The delivery will begin within 72 months
of signing the contract and be deployed for
operations by 2023
France • In January 2017, India and France
signed an agreement, White Shipping
Agreement, for sharing information
on the maritime traffic and maritime
domain awareness in the Indian
Ocean Region (IOR).
• The White Shipping Agreement was finalized after
the second dialogue between the Indian Navy and the
French Navy and will be implemented over the next few
months.
The US • The US Congress has cleared a bill
for India to become a “major defence
partner.”
• This will strengthen bilateral security
cooperation between the US and
India, including defence trade, ToT,
maritime security, counter-piracy,
counter-terror cooperation and
domain awareness.
• The bill will also focus on increasing collaboration
within the fields of defence services and related
technologies such as appropriate cyber security and
end-use monitoring arrangements consistent with the
US’ export control laws and policy.
Country-level deals and initiatives
30 | Eye on Defence

TASL and Raytheon • India and the UAE have signed an
MoU on cooperation in the field of
defence.
• The agreement aims to establish
co-operation in the fields of defence
manufacturing and technology,
including studies, research,
development, innovation and
cooperation between public and
private sector institutions of the two
countries.
• India and the UAE will also cooperate in areas of
armaments manufacturing and ToT.
• India sees the UAE as one its main destinations
for export of defence equipment.
Larsen & Toubro (L&T)
and MBDA (UK)
• ► Indian Air Force and Republic of
Singapore Air Force (RSAF) have
renewed their bilateral agreement for
conducting joint military training and
exercises at the Kalaikunda Air Force
Station in India for another five years
(till 2022).
• ► The two countries inked the agreement for
conducting joint exercises in 2007 and renewed
it in 2012.
Sources:
• “Indian government clears mega missile deal with Israel,” Live Mint, 25 February 2017, via Factiva
• “India, France sign pact on maritime information sharing in Indian Ocean Region,” The Economic Times, 24 January 2017, via Q-tech
Synergy Newsletter
• “Army to have Russian T-90 tanks with 'Make in India' element as Pakistan threat looms large,” India Today, 1 November 2016, via Q-tech
Synergy Newsletter
• “India, UAE ink 14 pacts in key areas like defence, security,” The Economic Times, 26 January 2017, via Q-tech Synergy Newsletter
• “US Congress clears decks for India to become key defence partner,” Zee News, 9 December 2017, via Q-tech Synergy Newsletter
• “Singapore, India renew air force exercise agreement,” Business Standard, 19 January 2017, via Q-tech Synergy Newsletter
31Eye on Defence |

India successfully test-fires BrahMos missile
India successfully test-fired the BrahMos supersonic cruise
missile from a test range along the east coast. The cruise
missile was test-fired from a mobile launcher from the
Integrated Test Range (ITR) at Chandipur, Odisha. The
missile is capable of carrying a warhead of 300 kg and
has already been inducted into the Indian Army and Indian
Navy, while the IAF version is undergoing final trials.
(Source: “India test-fires BrahMos supersonic cruise missile,” The
Economic Times, 11 March 2017, via Factiva)
India Navy test-fires anti-ship missile from the
Kalvari class submarine
The Indian Navy successfully conducted the maiden test of
the anti-ship missile from the indigenously built Kalvari class
submarine. The missile test was carried out at the Arabian
Sea and successfully hit a surface target at extended ranges
during the trial firing. All six Kalvari class submarines being
built in India will be equipped with these anti-ship missile.
(Source: “Maiden Anti-Ship Missile launch by Kalvari,” Press Information
Bureau, 2 March 2017, via Q-tech Synergy Newsletter)
India test-fires exo-atmospheric interceptor
missile
India conducted tests of exo-atmospheric interceptor
missile off the east coast. The missile successfully targeted
an incoming ballistic missile. India has now entered an
exclusive club of four nations with developing capabilities to
secure its skies and cities against hostile threats.
(Source: “India Successfully Test Fires Exo-Atmospheric Interceptor
Missile,” Press Information Bureau, 11 February 2017, via Q-tech
Synergy Newsletter)
Indian Navy launches second Kalvari class
Scorpene submarine
The Indian Navy has launched the second Kalvari class
Scorpene submarine, INS Khanderi, at Mazgon Dock
Shipbuilders Ltd. (MDL) in Mumbai. The submarine has
superior stealth capabilities and the ability to launch an
attack with torpedoes as well as tube-launched anti-ship
missiles while underwater or on surface.
(Source: “INS Khanderi, Navy’s second Kalvari class Scorpene
submarine, launched in Mumbai,” Live mint, 16 January 2017, via
Q-tech Synergy Newsletter)
Industry buzz
DRDO successfully test-fires the Guided
PINAKA
DRDO has successfully test fired the Guided PINAKA rocket
launcher from Launch Complex-III, ITR, Chandipur, Odisha.
PINAKA Rocket Mark-II, equipped with navigation, guidance
and control kit, has been transformed to the Guided
PINAKA. The conversion has facilitated the enhancement of
the range and improvement in the accuracy of PINAKA.
(Source: “Successful Test Firing of Guided PINAKA,” Press Information
Bureau, 24 January 2017, via Q-tech Synergy Newsletter)
Indigenous artillery gun, Dhanushya, to be
inducted soon
The indigenously designed, developed and manufactured
artillery gun Dhanushya will be very soon inducted in the
Indian Army. The field trials for the artillery gun have been
completed. The Indian armed forces will get a new artillery
gun after 30 years.
(Source: “After 30 years, India inducts ‘Dhanushya’, indigenous artillery
gun,” Business Line, 12 January 2017, via Q-tech Synergy Newsletter)
HAL plans to export indigenously developed
multi-role helicopter to 40 countries
HAL aims to indigenously develop 12-ton class indigenously
developed IMRH with a service ceiling of around 20,000 feet
and a 3,500 kg payload and a seating capacity of 24. HAL
will also focus on IMRH exports to more than 40 countries
driven by the large replacement demand in these countries.
(Source: “India Aims to Export Its Home Grown Multi-Role Helicopter to
40 Countries,” Sputnik News, 14 February 2017, via Factiva)
India to ramp up production of the indigenously
developed light combat aircraft Tejas
The GoI has decided to invest INR140 billion in the ramp-up
program of the Tejas. The planned investment will increase
the production rate to 16 units of the aircraft per year from
the current rate of 8 units per year. The IAF needs 300—400
more fighter jets of different types over the next decade
and the major chunk will be from the Tejas aircraft.
(Source: “India Approves $203 Million to Ramp up Production of
Indigenous Combat Aircraft,” Sputnik News, 15 February 2017, via
Factiva)
32 | Eye on Defence

HAL plans massive capex in the domestic
defence industry
HAL has planned a capital expenditure of INR175 billion in
the domestic defence industry over next five to six years.
The capex will be used to meet aircraft upgrades, develop
new aircraft and modernize its manufacturing units. A part
of the funds will be through loans, while the remaining
amount is expected to be met by an initial public offering
(IPO).
(Source: “HAL to invest Rs 17,500 cr,” Projects today, 16 February
2017, via Factiva)
Indian armed forces complete a month-long
joint exercise
The Indian armed forces completed a month-long joint
exercise carried out across the expanse of the Arabian
Sea and the North Central Indian Ocean. The objective
of the exercise, Theatre-level Readiness and Operational
Exercise (TROPEX), was to test the combat-readiness of the
combined fleets of the Navy, the Air Force, the Army and
the Coast Guard.
(Source: “India completes month-long Navy-led armed forces exercise,”
Domain B, 27 February 2017, via Factiva)
MoD planning to fast-track acquisition of some
critical defence equipment
The MoD is planning to fast track the acquisition of
weapons such as assault rifles and light-weight rocket
launchers for the Army to effectively carry out anti-terror
operations and bolster the capability of the force. The MoD
has already issued RFPs for acquisition of light-weight
rocket launchers, pistols, automatic assault rifles, sniper
rifles, machine guns and ammunition to a number of arms
manufacturers to buy the weapons on a fast-track basis.
(Source: “Govt to acquire lethal weapons for Army,” Press Trust of India,
1 March 2017, via Factiva)
Reliance Defence Engineering Ltd. (RDEL) to
repair US Navy warships
RDEL has signed a master ship repair agreement (MSRA)
with the US Navy for repairs and servicing of warships at
the Pipavav shipyard in Gujarat. Warships from the US
Navy’s Seventh Fleet, including front-line warships, supply
vessels and patrol vessels, will undergo repair and alteration
works in Pipavav. Over the next five years, RDEL expects
INR150 billion in revenue from the agreement.
(Source: “Reliance Defence inks Pact with US Navy to repair warships,”
The Economic Times, 14 February 2017, via Factiva)
Aequs to set up a multi-capability A&D
manufacturing facility in Goa
Aequs will establish an A&D manufacturing facility to
manufacture high-end components and systems, including
structures, power plant sub-modules and aircraft systems,
for the A&D industry. An initial investment of INR5 billion is
planned toward the development of physical infrastructure,
plant, machinery and equipment.
(Source: “Modi’s ‘Make in India’ initiative comes good at Aero India
show,” Live Mint, 14 March 2017, via Factiva)
33Eye on Defence |

A&D developments in foreign countries
US passes
US$618.7 billion
National Defense
Authorization Act
(annual defence
policy bill) for 2017
• The White House passed the National Defense Authorization Act for defence budget of
US$618.7 billion for 2017, a ~2% increase over the US$607 billion authorization in 2016. Earlier
in December 2016, the bill was passed by both the House and the Senate.
• The bill includes more than US$67 billion for a war fund known as the Overseas Contingency
Operations (OCO) account.
US plans to rebuild
the military through
more hardware and
manpower
• Senate Armed Services Chairman, John McCain, has highlighted a five-year plan for developing
the US military requiring an additional US$430 billion over the current plans.
• According to the new proposed five-year plan, the US will procure additional 59 naval ships and
will invest in autonomous and unmanned capabilities. The armed forces will procure additional
58 F/A-18 E/F Super Hornets and 16 additional EA-18G Growlers.
Turkey plans to
boost its defence
equipment exports
• The Turkish Government is running a campaign to boost exports from the local defence industry
to existing and new markets. The country plans to increase exports of defence equipment to
US$3 billion by 2022 from US$1.7 billion in 2016.
• In 2016, the top export markets for Turkish defence equipment included the US (US$587
million), Germany (US$185 million), Malaysia (US$99 million), Azerbaijan (US$83 million) and
Saudi Arabia.
Saudi Arabia
increases its
defence budget by
6.6%
• Saudi Arabia has increased its defence budget by 6%, to US$50.9 billion (SAR190.9 billion) in
2017 from US$47.8 billion (SAR179.1 billion) in 2016.
• However, the actual spending on defence in 2016 is projected to be 14.5% higher (US$54.7
billion) than the initial budget of US$47.8 billion due to some unplanned acquisitions of fighters
and defence helicopters. As a result, the 2017 allocation for defence is estimated to be around
6.9% lower than actual spending in 2016.
UK plans to
deepen defence
cooperation with
the Gulf region and
the US
• UK plans to deepen its security cooperation with the Gulf Arab countries. It would invest more
than £3 billion (US$3.8 billion) in the Gulf region’s defence industry by 2030.
• UK also got clearance from the US Defense Security Cooperation for procuring 26 predator
drones and 12 advanced ground control stations, along with other systems, equipment and
personnel training programs, in a deal worth US$1 billion.
Global industry buzz
34 | Eye on Defence

Major updates from US-based defence contractors
Lockheed Martin
wins new contracts
for F-35 and F-16
• The US DoD has awarded a US$8.5 billion deal to Lockheed Martin to deliver 90 units of the F-35
aircraft.
• The per unit price of F-35 under this contract is ~US$95 million, 6.8% lower than the per unit
price of the previous batch (US$102 million), resulting in a total savings of US$728 million for
the US DoD.
• South Korea has awarded a US$450 million contract to Lockheed Martin for F-35A aircraft
upgrade and a US$1.2 billion contract to the company to upgrade 134 South Korean F-16
aircraft.
Boeing bags two
major commercial
aircraft orders
worth US$38 billion
• Boeing announced a deal with Iran’s national airline, Iran Air, for the sale of 80 commercial
aircraft in a deal worth US$16.6 billion.
• It has also won another key contract from SpiceJet, an Indian low-cost airline, for upto 205
aircraft (with a firm order of 100 units) in a deal that can go upto US$22 billion.
Boeing to focus on
production of KC-46
tanker
• Boeing is focusing on beginning the full-rate production and operation of the new KC-46 tanker in
2017.
• Despite a challenging year filled with technological snags, cost overruns and schedule delays,
the US Air Force in August gave Boeing the green light to begin initial production of the KC-46A
Pegasus.
Sources:
• “Obama signs annual defense policy bill into law,” The Hill, 23 December 2016, via Factiva.
• “John McCain Has A Big-League Defense Buildup, Too,” Defense News, 16 January 2017, via AIA Daily News.
• “Saudi Arabia reveals 6.6% defence spending rise for 2017,” IHS Janes, 28 December 2016, via AIA Daily News.
• “Turkey Launches ‘Aggressive’ Defense Export Campaign,” Defense News, 19 January 2017, via AIA Daily News.
• “US Approves $1Bln Predator Drones Sale to UK - Defense Cooperation Agency,” Sputnik News, 17 November 2016, via AIA Daily News.
• “Britain plans to deepen security cooperation with Gulf,” Reuters, 7 December 2016, via AIA Daily News.
• “Lockheed, Pentagon announce $8.5 billion F-35 order,” Reuters, 3 February 2017, via Factiva.
• “Lockheed Martin wins $450 million Pentagon contract: statement,” Reuters, 29 December 2016, via Factiva.
• “SpiceJet in deal to buy 205 Boeing planes,” BBC, 13 January 2017, via Factiva.
• “Boeing’s KC-46 Makes Up For Lost Time,” Aviation Week, 23 December 2016, via Factiva.
• “Iran and Boeing Sign $16.6 Billion Deal on Sale of 80 Aircraft,” The New York Times, 11 December 2016, via Factiva.
35Eye on Defence |

Analysis of M&A trends
36 | Eye on Defence
A&D highlights: year-end and 1Q17
1
Deal value
• 4Q16 deal value was up ~4x compared to 4Q15,
US$11.1 billion versus US$2.2 billion.
• The deal value for 2016 was 69% lower than that for
2015, US$17.6 billion versus US$56.7 billion.
• In 2016, Rockwell Collins’ US$8.2 billion acquisition of
B/E Aerospace in 4Q16 was the largest transaction.
• The deal value in 3Q15 was significantly high due to
Berkshire Hathaway’s US$31 billion acquisition of
Precision Castparts.
• In 2017, the largest transaction to date is the US$9.4
billion paid by Safran SA to acquire Zodiac Aerospace
SA.
• GE terminated its US$733 million bid for 3-D printing
company SLM Solutions Group AG after activist investor
Elliott Management Corp acquired 20% of SLM and
opposed GE’s bid.
A&D deals yearly view (2011-YTD2017*)
$30,696
$11,497
$9,708
$15,625
$56,655
$17,619
$9,335
235 240
215
250
234
187
14
0
10,000
20,000
30,000
40,000
50,000
60,000
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017
A&D value (US$ million) A&D deals
1
Source: Thomson One (01 January 2011—06 February 2017)

37Eye on Defence |
A&D deals quarterly view (2011-YTD2017*)
0
10
20
30
40
50
60
70
80
90
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
#ofDeals
DealvalueUS$million
A&D value US$ million A&D deals

For more information , please contact:
K. Ganesh Raj
Partner and Leader
Aerospace and Defence Practice
Ernst & Young Pvt. Ltd.
Tel: + 91 120 671 7110
Email: ganesh.raj@in.ey.com
Amit Dugar
Senior Consultant
Business Tax Advisory
Aerospace & Defence
Ernst & Young Pvt. Ltd
Mob: +91 9705813268
Email: amit.dugar@in.ey.com

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