Eye on Defence January 2016

Contents title
Contents subjects
January 2016
Eye on Defence
Dear readers,
The Future Infantry Combat Vehicle (FICV) is a prestigious program of the
Indian Army. The program was approved in 2009, whose EoI (Expression
of Interest) was first issued in 2010 but was subsequently cancelled. Last
year, the Army re-issued the EoI after a gap of three years to 10 Indian
companies and sought responses by mid-January 2016. Two development
agencies (DAs) will be selected and will compete for the US$7.5 billion (INR
500 billion) project. The Indian companies have been encouraged to form
consortium (maximum 5) and also tie up with as many foreign companies to bring home latest
technologies on a license basis to strengthen the indigenous know-how. Four assessment categories
with varied weightage have been listed out to pick these two agencies at the end of EoI stage. The
cost of development of the prototype will be shared amongst the MoD and contenders with a 4:1
ratio. DRDO being a technical evaluation agency will not be competing/participating as a potential
partner for any of the 40 key technologies identified by the Army in its proposal. The contribution
of the Indian industry to acquire, develop and indigenize critical technologies will be one of the key
criteria in the assessment of various proposals. This current issue captures all this in detail along with
a segment wise listing of the probable technology partners for this program.
As India looks to create a strong defence industrial base for the expansion and modernization of
its military force, it will be interesting to assess the industry’s competitiveness vis-a-vis the global
defence industry. With the measures taken so far, the industry is at an inflexion point with an
emerging ecosystem in defence manufacturing in India. Our second article details out India’s situation
as it stands today, w.r.t, the global defence industry. We look at the steps taken by developed
countries that propelled them to their current position, steps taken by the Government in improving
the defence scenario, key topics under taxation, R&D spend, policy framework, partnership with
OEMs and other relevant issues. With the few definite changes by the Government and the “Make
in India” drive, it is now to be seen how much the defence industrial base can evolve and be made
competent for the global supply chain.
Among the regular sections, we have industrial license applicants, RFIs/RFPs released, new projects
and investments, joint ventures and alliances, country-level deals and the latest buzz in the industry.
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
Future Infantry Combat Vehicle
(FICV): Competitive Analysis
Integrating Indian Defence
Industry with Global Supply Chain
Request for Information
(September–November 2015)
Request for Proposal
List of Industrial Licenses (ILs)
filed for September–October
2015
Cases Approved in the 5th
Licensing Committee Meeting
(6 November 2015)
New projects/investments/
contracts
JVs and alliances
Country-level deals and initiatives
Industry buzz
1
2
9
16
17
23
25
27
28
29
32

2 | Eye on Defence
There is a flurry of activities in the defence production
sector for technology tie-ups and signing of MoUs, with
the response date of Expression of Interest (EoI) of the
Future Infantry Combat Vehicle (FICV) approaching fast.
Development agencies (DAs) have been given time till mid-
January 2016 to respond to the EoI with detailed proposals
that will involve individual respondents or forming consortia
(not more than 5 firms) with Indian and foreign vendors.
Their task will be to conceive and propose the design of an
FICV to best suit the Army’s requirements. Subsequently,
two DAs will be shortlisted and a Detailed Project Report
(DPR), comprising of technical and financial proposals will
be submitted within six months.
The project was approved in October 2009 and since then
the private sector is not only looking forward to participate
but has also put in place the designers and technical
facilities needed for developing the complex system. The
initial EoI issued in 2010 was cancelled in 2012 after 20
months, since it did not define the criteria by which the
winners would be selected. In December 2012, Russia
offered to transfer BMP-3 combat vehicle technology if India
cancelled its project, as the FICV could not be commissioned
earlier than ten years’ time.
The EoI has now been re-issued after a gap of more than
3 years to 10 Indian companies, namely Mahindra, Bharat
Forge, Larsen & Toubro, Punj Lloyd, Tata Power, Tata
Motors, Pipavav Defence, Rolta India, Titagarh Wagons
and Ordnance Factory Board in July last year under the
“Make” category and as per DPP-2008. Indian companies
are to be funded to develop “high technology, complex
systems”, for an estimated cost of INR500 billion (US$ 7.5
billion). The “Make” project has the provision for sharing
of design and development costs by MoD (80%) and the
industry (20%) — this portion is likely to be shared by two
selected parties. The release of payment by the MoD will
be linked to achievement of well-defined milestones agreed
upon in the DPR. As a matter of fact, no design of such
major platform has been developed in the country and
hence, no suitable data on cost of design and development
is available for guidance. The platform is likely to have the
existing technology subsystem integration and its prototype
cost may be guided by opportunity cost and not by design
and development cost. The recent upgrades done by the
Indian private sector have amply demonstrated their in-
house capabilities and their ability to evaluate the actual
operational performance of subsystems provided by OEMs
for a particular program.
Future Infantry Combat Vehicle (FICV):
competitive analysis
Basic requirements
The FICV will be basically a tracked, Armoured Vehicle (AV),
operated by three crew members, which can carry eight
combat-equipped infantrymen into battle. The FICV’s weight
is not specified but it would have to be less than 18–20
tonnes, since it is required to be amphibious. It must be air-
portable in the Air Force’s IL-76 Gajraj and C-17 Globemaster
aircraft; and be able to fire Anti-Tank Guided Missiles
(ATGM), which destroy tanks at ranges of 4,000 meters.
The desired end product should be comprehensive
indigenous solution, which can support the requirements
of the Indian Army throughout the life cycle of the product.
All parameters of FICV are important, however, below
mentioned parameters are critical and need to be in the
proposed design solution of this program. Any response not
meeting these parameters will be rejected and will not be
assessed for selection of the DAs. These parameters are:
• Tracked vehicle
• Amphibious capability with full combat load
• Carriage capacity — the FICV to carry a crew of three
and a stick of minimum eight personnel with combat
loads
• Portability — FICV should be transportable by road, rail
and in-service aircraft (IL-76 and C-17) of IAF
• ATGM
• Automatic Command to Line of Sight (ACLOS) Guidance
System with Lock on Before Launch (LOBL) or Lock on
After Launch (LOAL)
• Maximum engagement range of not less than 4000
metres
• Vendor/ consortium must offer core technologies
Assessment of DAs
According to the DPP-2008, the eligibility criteria for Indian
private companies is as follows:
• Registered for a minimum of 10 years
• Have capital assets in India of at least INR1 billion (US$
15 million)
• Report turnover of more than INR10 billion (US$ 150
million) for each of the preceding three years
• Have minimum credit rating equivalent to a CRISIL/
ICRA ‘A’

3Eye on Defence |
• Report consistent profitable financial record showing
profits in at least three years of the last five years and
with no accumulated losses
The contribution of the Indian industry in acquiring,
developing and indigenizing critical technologies will be
one of the key criteria in assessment of various proposals;
however, assessment will be based on the four evaluation
criteria detailed below according to their given weightage.
The response on commercial information and technical
information should relate to the same operating company
and operations (value additions) and not related to
consolidated results, which reflect the investment and
trading portfolio of the operating company.
The assessment of the responses of ”Lead Member” and
his associated ”Consortium Members” will be on four major
criteria as given below. As a generic rule, in case of response
by an individual Eol holder, the scoring will be according
to vendor response submitted. In case, the response is
submitted by a consortium, the total cumulative score of all
members of the consortium will be considered as aggregate
score of the consortium.
An individual Eol respondent cannot, at the same time,
be member of a Consortium responding to the Eol.
Furthermore, a member of a particular responding
Consortium cannot be member of any other Consortium
responding to the Eol. Consortium will not be permitted
after the submission of Eol responses until the award of a
development contract for prototype development.
The Ministry of Defence (MoD), Government of India
reserves the right to modify these criteria at any time before
the responses are opened for evaluation. The MoD also
reserves the right to disqualify a respondent/consortium if
he/they fail to comply with the specific criteria at any stage
of the evaluation process by the IPMT.
Assessment criteria
1. Commercial (weightage 26.08%)
This will evaluate the company’s/consortiums for four
parameters — the company’s/consortium’s annual turnover,
profit after tax, net worth and fixed assets. On 27 October
2015, the Defence Ministry issued a note to the contenders,
clarifying that domestic operations alone will count while
evaluating a company’s commercial eligibility.
2. Technical capability (weightage 34.24%)
This is to evaluate the R&D capability of a company/
consortium across its entire spectrum of activities. The
vendor’s evaluation will be based on the manufacturing
capacities and system integration capabilities. The broad-
based credit will allow some companies to benefit from R&D
in their other similar projects. Incentives will be given to
vendors who have high R&D spends in percentage terms,
specifics being:
• Details of projects related to Land System Self
Propelled Mobility Platform (Prime Mover Gross Weight
as 12 Tons and above and below 12 tons) successfully
implemented in the last seven years.
• Heavy Engineering Infrastructure
• Details of existing design tools and software
• Amount expended on R&D in last seven years
• Patents held by the company
3. Critical technology (weightage 31.37%)
The assessment of technologies for Project FICV will be
done through two parts, core technologies and critical
technologies (totalling around 40 technologies), of which
almost half relate to engines and transmissions.
Core technologies
Technology partner to provide the right/license for
commercial development, right/license for series
production, right/license for continuing engineering support
and right/license for product improvement (including
exploitation and upgrade) for the following sub systems:
• Engine
• Armour material
• Guns and ammunition
• Transmission and steering
• Gears
The necessity of maximum core technologies with all the
rights/licenses will be essential for the successful completion
of the project. It is mandatory for a DA/Consortium to
provide minimum one out of the five core technologies with
all rights/licenses.
Critical technologies
DA/consortium is required to offer maximum possible
critical technologies for the project with all rights/
license. Consortium offering increased number of critical
technologies with all rights/license will get a benefit in
comparative assessment of their Eol responses.

4 | Eye on Defence
The DA will need commitment from OEM and its partners
manufacturing rights and ownership of technology, which
are being offered through ToT. In case where subsystems
are sourced from OEM in initial stages, the DA will need a
commitment for unhindered supply possible through ToT/
license. Full usage exploitation and upgrades of technology
may be possible in normal case; however, need for critical
subsystems may be feasible with separate commercial
arrangements. The export permission may require the OEM/
Government approval.
4. Technical specification (weightage 8.31%)
A single response from a consortium/individual respondent
is required to be submitted and is likely to be evaluated
according to vendor response (duly supported by verifiable
document) submitted. This involves proposing specifications
for the FICV. With the EoI specifying some capabilities and
demanding certain technologies, all the contenders are
likely to score. The following subsystems should meet the
desirable parameters criteria given in EoI.
• Guns and Ammunition
• MMG
• Automatic Grenade Launcher
• Missiles Including Launcher
• Smoke Grenade Launcher
• Fire Control System
• Gun Control System
• Surveillance Devices
• Armour Protection
• Passive Protection
• CBRN Protection
• Fire Protection System
• Engine
• Transmission
• Track
• Amphibious Capability
• Obstacles Crossing
Technology transfer
Some of the salient points, which are to be clearly specified
in the MoU between DA and Technology Partner are:
• Technology Partner needs to provide all required
technical and commercial information for preparation
of the response to the EOI and during all the phases of
the program.
• Technology Partner will support DA in the pre-
development phase with techno-commercial
information and submitting the response of the EOI
and subsequent clarifications to MoD, and to secure
the award of FICV development phase and subsequent
serial production phase contracts.
• In the event DA is short-listed for the development and
serial production phase. Technologies to be provided
by the Technology Partner, will be licensed and/or
transferred in support of contracts awarded by the
Indian Government to DA through OFB, acting as prime
contractor, in accordance with the following:
• Licenses for Commercial Development
• Licenses for Series Production
• Licenses for Continuing Engineering Support
• Licenses for Product Improvement (including
exploitation and upgrade)
• Indigenization is one of the important requirements
of the program; therefore, parties must agree to
collaborate to achieve the respective indigenization
targets for the Development Phase and Serial
Production Phase. Minimum 30% indigenous content
on cost basis (excluding taxes, duties and other
statutory obligations) is mandatory for the developed
prototype of FICV. However, with 30% indigenous
content, there is insufficient incentive to indigenize,
which should be the primary objective in a “Make”
project. The companies are also waiting for the new
DPP draft recommendations to be finalized, which has
recommended a minimum 40% indigenous content as
compared to the 30% indigenous content in DPP-2008.
• The ownership of any intellectual property generated
from any Joint Development will be mutually agreed
upon and may be transferable to MoD, if required for
the Program.

6 | Eye on Defence
Technology Partners
The EoI holders are reaching out to some of the OEMs
for strategic/sub-system technology partners for FICV
development. While the DAs are free to tie up with any
foreign vendor for the program, they are looking for more
information on the issues of design, technology, transfer
route and financial viability of the options. Some of the
technology segment, players and likely route for transfer of
technology are:
Sub system
Likely key technology
partner
Likely route Remarks
Engine Power Pack Cummins, MTU Navistar/
BAE, Textron, KEDB,
Doosan
Critical technology: licensed
manufacture
• Some of the OEMs are
integrators of complete
platform in addition to sub
system OEMs for example
General Dynamics, BAE, Krauss-
MaffeiWegmann (Germany), AM
General etc.
• The DA need to submit an MoU
signed with technology provider
to unambiguously support the
claim of Rights/License for each
Core technology and Critical
Technology.
• Technology partner to provide
• Right/License for
commercial development
• Right/License for Series
Production
• Right/license for Continuing
Engineering support
• Right/license for Product
Improvement (including
exploitation and up
gradation)
• Technology provider can sign
MoUs with multiple Indian
companies.
Final Drive/
Transmission
Allison, Caterpillar,
Navistar/ BAE
Critical technology:
Develop/acquire/license
Suspension/ Tracks Allison, Navistar/ BAE Critical technology:
Develop/acquire/license
Weapon System Rhinemetal, Orbital ATK,
BAE, Elbit, LM, KMW
Critical technology:
Acquire/develop/ license
Ammunition Orbital ATK, Nexter Critical technology: acquire/
develop/ license
Missile Javelin, MBDA, Spike Critical technology: acquire/
develop/license
FCS Rhinemetal, Kongsberg,
Elbit, Rafael, BEL/ Pvt
Sector
Indigenously developed
Sighting Systems Rhinemetal, TATA, Rafael,
Cartsam/ Elbit
Source with MToT
BFMS Rhinemetal, Saab, Rafael,
BEL/ Pvt Sector
Indigenously developed
IFF Thales, Saab, Elbit, Rafael Indigenous development
Communication Elbit, Saab Indigenously developed
Passive (ERA) and
Active Protection
Dastan, BAE, Elbit, DRDO License/indigenous
System Architecture &
Engineering
DA Indigenous development

7Eye on Defence |
Emerging grouping
The project by itself is not an insurmountable technological
challenge; but there remain lacunae in the evaluation
methodology. The industry is sceptical about the criteria
as it appears to favour the large companies with enormous
installed capacities, rather than lean organizations oriented
toward high-tech innovation.
Role of DRDO
DRDO has developed certain technologies for “Abhay”,
which could be utilized or further refined by the contenders.
DRDO may facilitate transfer of technologies for the private
sector in becoming a systems developer from being the
supplier of components and subsystems for the weapon
systems and the strategic arsenal. DRDO is likely to be the
agency for technology evaluation in the project and hence,
cannot be a partner.
Down-selecting competitors for DPR
Based on the restrictive conditions in the EoI citing DPP-
2008 and clarification, it appears only OFB and a couple
of older players in the defence sector are likely to qualify.
Consequently, three scenarios are envisaged:
• The OFB becomes one of the two down-selected
vendors, based upon OFBs prior experience and the
fact that they already have existing infrastructure. A
second DA will be selected from the private sector,
based on evaluation criteria, installed capacities,
engineering capability and tie-ups.
• Two private sector companies get selected and the OFB
carries out its own FICV type development, based upon
its own funding, etc. Interestingly as part of its FICV
submission, the OFB in the past did not request ANY
funding for FICV, since it is also government funded.
It stated, that it had the requisite funding available.
Note, this also means that in scenario 1) above, if the
OFB was against a private sector company, the private
sector will be the only one funding privately the 20%
contribution, which adds to the case that the OFB will
not be one of the selected two.
• Two private sector companies get selected and the
OFB is nominated as the weapons and armament
partner. This is more likely to happen, as none of the
private sector organizations have industrial licences for
production of armament and ammunitions products to
date.
Conclusion
The contribution of the Indian industry in acquiring,
developing and indigenizing critical technologies will be
one of the key criteria in assessment of various proposals.
Since there is no restriction on foreign/Indian technology
provider for tie ups with more than one vendor/Consortium,
the responses will have common technology partners. The
DAs are likely to be shortlisted based on the evaluation
criteria and their weightage. The criteria and its evaluation
methodology are likely to have different interpretation and
may be questioned in time to come, since there are few
dichotomies in the assessment criteria.
One of the key resolving issues is going to be the product
IPR, as the EoI requires that in case of technology developed
by funding through MoD, the rights over the IPR would
belong to the MoD, Government of India. However, in case
of ToT coming from OEM, through Indian DAs, there will be
reluctance to give exclusive IPR rights. One of the ways out
could be a joint ownership for the IPR for this program.
References:
• “Empanelment Of DPSUs/OFB/Indian Industry/
Consortia For Project Futuristic Infantry Combat
Vehicle (FICV)”, MoD website, http://mod.nic.in/
writereaddata/Empanelment-FICV.pdf, accessed on 7
December 2015
• “EoI issued for FICV”, SIPRI website, http://www.
defproac.com/?p=2408, accessed on 7 December
2015
• Companies Annual Reports
• “MoD extends deadline for FICV program”, Indian
Defence News, 16 September 2015, http://www.
indiandefensenews.in/2015/09/mod-extends-deadline-
for-ficv-program.html
• “After 5-year delay, tender issued in Rs 50,000-cr
Future Infantry Combat Vehicle project”, Business
Standard, 16 July 2015, http://www.business-
standard.com/article/economy-policy/after-5-year-
delay-tender-issued-in-rs-50-000-cr-future-infantry-
combat-vehicle-project-115071601515_1.html

9Eye on Defence |
Recently the Indian Government has taken several measures
to boost industrial manufacturing and promote viable
Indian Defence Industrial Base (DIB). Past policy framework
in defence production had domestic market orientation
and it had its own repercussions, with the cost and quality
taking a back seat due to operations in a non-competitive
environment. Currently, the Indian defence industry is at
an inflexion point with emerging ecosystem in defence
manufacturing in India. The defence industry, beside
addressing national security concerns, is a subset of “Make
in India” — the national manufacturing policy-mosaic.
“Make in India” is not just a sound economic option but a
strategic imperative in promoting India as a global hub of
manufacturing, particularly in the strategic sectors, one of
which is defence. As of now, the domestic defence industry
lacks critical technologies, manufacturing ecosystems
for integration of large platforms, supply chain and MRO
capabilities.
The global defence industry provides business opportunities
worth more than INR58, 500 billion (US$900 billion) a
year, but has been on a relatively stagnant growth path
lately. The Indian market, although a fraction of the global
business, is fast growing, and highly import dependent with
procurement budget growing at an annual growth rate of
more than 12%. The Indian defence requirements are more
than INR16,250 billion (US$250 billion) in the next 10
years. The euphoria over the industry growth is attracting
foreign OEMs as well the domestic private sector to enter
the market. With a large defence market in India, the
industry is likely to head toward optimization of costs as well
as improved production efficiency. A vibrant competitive
DIB will enable utilization as well as consolidation of the
national manufacturing base; the existing capability of the
Indian private industry, fostering a constructive, long-term
partnership with government and private industries to
minimize dependence on foreign vendors. A growing DIB
must necessarily include the private industry, large, medium
and small scale enterprises, which will enable utilization as
well as consolidation of the national manufacturing base
in areas such as shipbuilding, engineering and metallurgy,
automotive, electronics, avionics, telecommunication, etc.
However, for the growth to be sustainable in the long run,
the industry needs to integrate itself with the global supply
chain. The global market is highly regulated with entry
barriers and challenges and it is important to understand
nuances of the global defence supply chain.
Lessons from developed industry
We need to acknowledge our industry capabilities and must
Integrating Indian defence industry with
global supply chain
realize that we have not reached a stage where we can
develop all our defence requirements in-house. The Indian
defence industry is at a nascent stage and the present-day
developed defence industries have passed through the
same stage and overcome similar problems of what we see
in India. The recent expert committee report (based on
DPP 2013) has recommended studying the foreign models
for the purpose where the system has been in vogue for
quite some time. The lessons from foreign models and their
journey could be guidance for us, to build a robust DIB in
India.
Currently, there are several constraints relating to
regulatory regimes, taxation and most importantly a lack
of understanding of the production models followed across
the world for defence and aerospace products. Till the
1960s, the industries in the US were under government
control; however, after 1960, majority of the industries were
privatized resulting in control of operations with the private
players. The privatization brought increased accountability,
which applies both to employees and products. Similar
were the steps taken by most of the European countries in
restructuring their industry. The governments of the day in
countries with developed defence industries adopted the
“hands off” approach during the transition and some of the
means adopted by private sectors were vertical integration,
mergers and acquisitions, thrust for exports, international
joint ventures and diversification.
Public sectors have significant infrastructure and
wherewithal but remain unutilized. They should be
modernized and shared/handed over to more capable
private industries to prepare a ground for a defence
industrial base. India needs to restructure its public
sector, since they are commercially lower in tune with
the modern technology than by trade unions. Therefore,
the Government should look for certain measures with a
futuristic political will.
Forge strategic partnership
Domestic production was also encouraged through the
Government’s support to strategic industries and its
import-substitution drive. The technology transfer today
invariably happens through public sector entities. As a
result, these entities quite often get overburdened vis-a-vis
their existing capacity constraints. Even otherwise, there
is a need to create a capacity for absorbing technology
in the private sector due to their agility, innovation and
modern management practices through the government’s
support to strategic industries and its import-substitution
drive. The “expert committee report” has recommended

10 | Eye on Defence
three models for the Indian set up — Strategic Partnership,
Developmental Partnership and Competitive Partnership
to be based on “strategic needs, quality criticality and cost
competitiveness”. Strategic partnership endeavors to create
long-term capacity in the private sector, over and above the
capacity and infrastructure that exists in public sector units.
It is proposed that a “Task Force” be created for selection
of “Strategic Partners” in the following six segments, which
are of strategic significance and will form the core of the
nation’s fighting strength for self-reliance:
• Airplanes (Fighter and Transport) and helicopters and
their major systems
• Warships of stated displacements and submarines and
their major systems
• Armored fighting vehicles and their major systems/
weapons
• Complex weapons, which rely on guidance systems, to
achieve precision hits, which may include anti-ship, air
defence, air-to-air, air-to-surface, anti-submarine, land
attack
• Command, control, communication and computers,
intelligence, surveillance, target acquisition and
reconnaissance (C4ISTR), and
• Critical materials (titanium alloys, aluminium alloys,
carbon composites, nickel/cobalt alloys etc.)
The strategic partnership visualizes selective identification
of a few big private players and nurturing them through
preferential treatment, which would entail co-opting them
for “Buy and Make” and “Government-to-Government”
procurement programs.
Increase in FDI
The Government has tweaked the FDI regulations in the
defence manufacturing sector recently as follows:
• The Government has allowed foreign investment up to
49% under the automatic route, earlier it was under the
Government approval route.
• Investments of more than 49% will now be cleared by
the FIPB instead of the Cabinet Committee on Security.
• Foreign venture capital investors (FVCI) and foreign
venture capital firms can also invest up to 49% as
compared to 24% earlier.
• In case of “state-of-the-art” and “cutting-edge
technology” ventures under the single-brand route,
sourcing norms have been relaxed.
• In case of infusion of fresh foreign investment within
the permitted automatic route level, resulting in
change in the ownership pattern or transfer of stake by
existing investor to new foreign investor, Government
approval will be required.
• Till now, the FDI proposals involving a total foreign
equity inflow up to INR30 billion (US$ 460 million)
could be considered by the FIPB, while proposals
above INR30 billion (US$ 460 million) will require
consideration by the Cabinet Committee on Economic
Affairs (CCEA). Now, “to achieve faster approvals on
most of the proposals”, the FIPB will consider proposals
up to INR50 billion.
Total FDI inflow from April, 2000 to June, 2015 has been
INR12, 938 billion (US$235 billion), whereas in defence
it has so far been restricted to mere INR300-400 million
(US$5–6 million) with approx. INR5 billion in pipeline. The
FDI liberalisation measures, i.e., simplification of procedures
for foreign investments, putting more sectors on the
automatic route, introducing fundability between FDI and
FII, which have a single reference document for all FDI
related guidelines are steps that will further boost investor
confidence.

11Eye on Defence |
FVCI and FIIs investments under the automatic route has
been permitted which is bit risky, since by nature these
are inherently short-term, opaque and speculative, and
unlike FDI, their stake in the Indian defence industry, which
needs a longer and more strategic investment could be
counterproductive. In fact we need to go in for a “strategic
stake”, i.e., at least 51% in FDI through OEMs in a joint
venture company. This may not help the foreign investor in
acquiring a decisive say in the management as the applicant
Amount of FDI Inflows (April 2000–June 2015)
Years Amount (INR billion)
Cumulative Total FDI 12,938 (US$235 billion)
Cumulative Total FDI in
Defence
0.32 (US$5 million)
Amount of FDI Inflows (In %) - 2000-2015
FDI in Defence (Break-Up from 2000-2015)
Years Amount (US$ million)
2001–09 0.0474
2010–11 0
2011–12 3.488
2012–13 0.442
2013–14 0.960
2014–15 0.080
Total 5.02
Total FDI
($235.24Bn)
FDI-Defence Sector
($0.005Bn)
0.002134%
Source: http://dipp.nic.in/English/default.aspx
company seeking permission for FDI up to 49% has to be an
Indian company owned and controlled by resident Indian
citizens.
Tax structure
Historically, in India the public sector not only gets nominated
but gets all the financial benefits, whereas, the private sector
is given no such incentives and is therefore, denied a level
playing field. No substantial incentives or exemptions have
been granted specifically for the Indian defence industry
unless they are OEMs. The current taxation structure does
not encourage foreign OEMs to set up final assembly and
integration facilities in India if the end customer is a domestic
entity (Government or non-Government) in the aerospace and
defence sector. If the goods are manufactured/integrated in
India by an Indian entity and directly delivered to the MoD in
India — the duty impact becomes costlier by 38% as compared
to direct import from foreign OEM, if the production facility
is located in a Domestic Tariff Area. However, if the Indian
entity exports the equipment/platform to the OEM or a
third party abroad, various exemptions in taxes and duties
become admissible. Under the “Buy Global ” category or
under the “Buy and Make with ToT” or even under “Buy and
Make (Indian)” category the Indian entity imports parts/
components/assemblies/equipment from the established
global supply chain, supplements it with indigenous
procurement from indigenous manufacturers and suppliers.
Moreover, it undertakes final assembly of sub systems and
systems, installation, integration, testing for direct delivery
to the MoD from a facility located in India. However, in this
production model the OEM or the Indian partner needs to
bear Excise Duty, VAT, CST etc., on procuring goods from the
local industry and customs duty on imported equipment, since
the imported kits/systems do not physically leave the country.
The most beneficial option to encourage manufacturing in
India of defence goods is to grant “Deemed Export” benefit
and accord status of “Deemed Export” under the Central
Sales Tax Act for supplies of defence goods manufactured
in India and supplied to MoD/ DRDO/OFB/Armed Forces.
This will increase national capability to undertake complex
manufacturing, system integration and product/platform
testing. The industry associations have been requesting for a
level-playing field between DPSUs/OFBs/Foreign OEMs with
regard to supplies to the MoD. The first relief sought was to
provide the same indirect tax exemptions for the private sector
as applicable to DPSUs/OFBs and their sub-contractors for
supplies to the Ministry of Defence (MoD). The second relief
sought was to offer the same direct tax exemptions, benefits
and incentives as applicable to the infrastructure sector.

12 | Eye on Defence
The R&D spend
At the national level DRDO is responsible for all R&D
activities, whereas they should be only doing the hi-tech and
strategic R&D activities such as DARPA of the US. Despite
the push by the MoD in the direction of indigenization/
self-reliance, since last two to three decades, the budget
allocation toward R&D has not increased comparatively.
For example China allocates approximately 20% (2% of
GDP), the US allocates 14%–16 % (3.8% of GDP) on R&D,
Russia allocates 11%–12% of defence budget (4.1% of GDP),
whereas India spends merely 5%–6% (1.7% of GDP). Defence
budget in these countries are much higher than India. To
draw a parallel, the total number of scientists engaged
in defence R&D in India has been much lower than those
in a single facility abroad devoted to a single area, e.g.,
submarine or aircraft R&D.
One of the committees has recently recommended that
the Indian Production Agencies (IPAs) participating in the
“Make” schemes may be given tax incentives by way of
categorizing their share of 20% in the development cost as
expenditure on R&D and that 300% weighted tax deduction
of such development cost should be considered against
200% given by the Department of Science and Technology.
Manufacturing requires product-technology and product-
engineering; hence, the need to focus on industry-driven
local R&D.
Collaboration with foreign OEMs
A vibrant competitive defence industrial base will enable
utilization and consolidation of existing capabilities in
fostering a constructive, long-term partnership with global
OEM to be part of global supply chain and augment the role
of Indian private sector companies to develop capabilities
and capacities through JV and partnerships. There is a need
to build a tier-ized defence industry structure as system
integrators and sub-system developers for in-country
capability inclusive of SMEs, with each tier contributing to
the value chain.
System integrators/OEMs will need to create a viable supply
chain. Indian companies will need to evolve models that rest
on a triad of technology, applications and production, in a
manner that engages with DRDO, DPSUs and other private
players to be successful. Structural shift likely in India, to be
in line with global model, where the integrator does ~20% of
value add and relies on suppliers.
Dual use technological capabilities
The private sector ventures, which are involved in dual use
technological capabilities should be identified and explored
for defence use. This will not only reduce the development
timelines but give such industries sustained business and
will be able to see through the product for their entire life
cycle.
Industrial participation policy
The manufacture of arms and ammunition is currently
confined to the Department of Defence Production. Even
after liberalization of the Indian economy and removal of
licensing regime for major industries, the private sector is
not allowed in this sector. However, recently the MHA has
come out with the draft Arms Act Amendment Bill,
Source: www.defproac.com
Source: Q-Tech Synergy
R&D expenditure in percentage
Desired capabilities as per global model
25
20%
16%
5%
11%
China US India Russia
20
15
10
5
0
OEMs/
Integrators
Brand & Time-to-set
Design
Product Proving & Testing
Integration & Supply Chain
Sustainment & Upgrade
Ability to Finance
Product & Supply Chain
Design
Product Proving & Testing
Technology Adoption
Cost Leadership
Design
Product Proving/ Testing
Cost
Leadership
Tier I/ Tier II
Suppliers
Tier III
Component
Manufacturers/ suppliers
SupplyChain

13Eye on Defence |
2015, wherein the private industries will be allowed to
manufacture and proof test small arms and ammunition
including the ones being used by military, once it is passed
by the parliament.
Streamlining defence procurement
Currently, our DPP is complicated and needs clarity. The
overall procurement procedure is very exhaustive and
the timelines projected needs to be cut down drastically.
Recently, various committees have worked to simplify
the DPP and hopefully the new edition after suitable
amendments to ease acquisition process will be brought by
the MoD by early 2016.
Focus on education
As a nation we are lacking in this field as our education
system is hardly oriented toward product engineering
and research. Shortage of a skilled workforce is a serious
challenge to the growth of the Indian aerospace and
defence industry. We need to improve our training and
education infrastructure with a pragmatic policy to build an
industry-academia ecosystem to tap the huge employment
potential in the industry. A meagre 2% of Indian population
is vocationally skilled, in comparison to the ratio of 75% in
Germany, 96% in Korea, 80% in Japan and 68% in the UK as
shown in the figure. The Government and private industries
have to start tailor-made education system for defence
engineering and research.
Exports
This is an important component of the defence industry
and indeed, the entire economy. Currently, India ranks
28th in the arms exporters list based on the volume of
arms transferred. Furthermore, in the past, India’s defence
exports have ranged between 1.5% and 2.4% of the total
production, with an import: export ratio of 194:1 as
compared to 1.3:1 in the case of Israel, 8.8:1 in the case
of South Korea and 19.7:1 in the case of Singapore. The
average share of Indian arms exports in the total world’s
arms exports pie stands to a measly 0.8%. Therefore, the
numbers for our export of defence equipment is negligible
as shown in the figure.
The Government of India has recently taken some actions to
fuel the growth in exports. These are:
• EUC for the export of components and parts has been
done away with and certifications are needed only from
the immediate buyer and not the ultimate user.
• A definite time line of two to four weeks has been
mandated for the issuance of NOC.
• Sectors such as armored equipment, engines, sensor
systems, weapon control systems, countermeasure
equipment, engines, underwater detection devices and
military software has been opened up for easy exports.
• The list of military stores has been finalized.
• Defence Exports Strategy outlining various steps to be
taken, has been formulated and is put up in the public
domain.
India can become a part of global supply chain and even an
export hub for defence equipment, but will require the right
infrastructure, the right attitude and the right execution on
the ground.
Source: www.defproac.com
Source: PIB Press Release
Skilled population : world wide
Indian defence export vs imports
India Germany Korea Japan UK
2%
75%
96%
80%
68%
Import
2010-11 2011-12 2012-13 2013-14 2014-15
Export
2.06%ofImports
AmountinINRcrores
1.82%ofImports
1.47%ofImports
1.80%ofImports
2.29%ofImports

14 | Eye on Defence
Conclusion
The Government has taken certain measures in the recent
past to boost industrial development, manufacturing
and promote viable Indian defence industrial base. The
marginal improvement in World Bank report on “Ease of
Doing Business” indicates the beginning of efforts toward
improvement but a lot more needs to be done. With the
measures taken so far, the Indian defence industry is at
an inflexion point with the emerging ecosystem in defence
manufacturing in India. A single significant lesson from
developed defence industries is the adoption of “hands off”
approach by the Government, i.e., minimum government
intervention and that too for facilitation purposes only.
This has not only been relevant for defence industry,
but for all sector industrial production. The key will be
government facilitation of growing interest among Indian
and foreign players to ensure that interests are translated
into investments. Public private partnership (PPP) is a
time-tested concept of using the Government’s capacity to
absorb risk and bringing in private sector investments and
dynamism to reach a stated goal. What needs to be done is
to implement industry friendly measures and pro-investment
steps with a well-directed mindset.
References:
• “Committee of Experts for Amendment to DPP-
2013 Including formulation of policy framework,”
MoD website, http://www.mod.nic.in/writereaddata/
Reportddp.pdf, accessed between 1 to 7 December
2015
• Department of Industrial Policy and Promotion, http://
dipp.nic.in/English/default.aspx, accessed between 1 to
7 December 2015
• Press Information Bureau, Government of India
• “Defence Manufacturing,” Make in India website, http://
www.makeinindia.com/sector/defence-manufacturing,
accessed 5 December 2015

16 | Eye on Defence
Request for Information
Date of issue RFP detail/equipment Response date Issued by Remarks
27 Nov 2015 Underground Datacentre 11 Jan 2016 Directorate of AFNET For IAF
10 Nov 2015 High Frequency
Sets; Qty: Approx.
100/200/300
11 Jan 2016 DTE Of Plans For IAF
10 Nov 2015 Multi-Purpose Vessel (04
X MPVs); Qty: 04 Nos.
9 Dec 2015 Directorate of Ship
Production
For IN
10 Nov 2015 300 Ton Sullage Barges;
Qty: 04 Nos.
9 Dec 2015 Directorate of Ship
Production
For IN
3 Nov 2015 Small Arms Fire
Detection System
15 Dec 2015 DTE Of Plans For IAF
29 Oct 2015 Boeing 737-800
Simulator Training
24 Nov 2015 IHQ MOD Navy For IN
23 Oct 2015 EoI for Night Vision
Weapon Sight (Thermal)
for 5.56 mm INSAS LMG
DGBSF For BSF
20 Oct 2015 EoI for Electronic
Shooting Range
5 Nov 2015 DG BSF For BSF
20 Oct 2015 EoI for Outdoor Reflex
Shooting Range
5 Nov 2015 DG BSF For BSF
15 Oct 2015 Development and
Fabrication of Multicopter
and Fixed Wing Micro
UAV
5 Nov 2015 HQ Northern Comd
(EME)
For IA
13 Oct 2015 High Capacity Radio
Relay (HCRR) Minimum
8/34 MBPS RR
09 Dec 2015 DTE Gen of Signals For IA
1 Oct 2015 Multi Spectral
Camouflage Net (MSCN)
5 Oct 2015 Combat Engineers
Directorate/ Comb
Engrs-6
For IA
28 Sep 2015 Armoured Vehicles,
approximate; Qty: 50-60
Nos.
28 Oct 2015 DTE Of Plans For IAF
16 Sep 2015 Integrated EW Suite For
Mi-17 V5
15 Dec 2015 DASR (EW) For IAF
10 Sep 2015 Aluminized Fire Proximity
Suit; Qty: 1000+ Nos.
5 Oct 2015 Directorate of NBCD For IN

17Eye on Defence |
Request for proposal
26 Nov 2015 Indigenous Pechora
Combat Simulator
17 Dec 2015 South Western Air
Command
For IAF
26 Nov 2015 Air Rifle .177 CAL 15 Dec 2015 Commandant AOC
Centre
For IA
23 Nov 2015 Infrared Vision System 29 Dec 2015 The Director, DRDO
Hyderabad
Issued by DRDO
23 Nov 2015 Design and constructions
of ships barges yard
crafts pontoons floating
marine structures at
Visakhapatnam
29 Dec 2015 Directorate of
Procurement
For IN
20 Nov 2015 Booster Cartridges for
IGLA Weapon System;
Qty 500 Nos.
6 Jan 2016 DTE OF GWM For IAF
20 Nov 2015 LWI Helmets Mask
Oxygen and Cord
Connector with Amplifier
21 Jan 2016 Director of
Procurement
For IAF
19 Nov 2015 LWI Helmet- Kiran
Aircraft, size 3 & 4; Qty:
05 each
2 Dec 2015 Air Force Station
Tambaram
For IAF
19 Nov 2015 Wireless Spy Camera with
Transmission System;
Qty-06 Nos.
30 Dec 2015 NSG, Mehram Nagar For NSG
18 Nov 2015 Cartridge SA 7.62MM
51MM Nato for 7.62 MM
Galil Sniper Rifle; Qty:
1,80,631
10 Feb 2016 MGO PPO For IA
18 Nov 2015 Purchase of .177 Air
Rifle and .177 Air Pistol;
Qty:02 each
10 Dec 2015 JAK RIF For IA
17 Nov 2015 Propellant for 7.62 MM
Ammunition
22 Dec 2015 Ordnance Factory
Varangaon,
Issued by OFB
17 Nov 2015 Propellant for 5.56 MM
Ball Ammunition
22 Dec 2015 Ordnance Factory
Varangaon
Issued by OFB
13 Nov 2015 Explosive Detector; Qty:
5 Nos.
8 Dec 2015 Proc DTE, ITBP For ITBP

18 | Eye on Defence
(September–November 2015) (cont’d.)
12 Nov 2015 Invitation of Quotations
for Procurement of
Hazardous Duty Life
Jackets (HDLJ)
31 Dec 2015 DTE Of Procurement
C Wing
For IN
10 Nov 2015 Precision Multifunction
calibrator
26 Nov 2015 ARDE Issued by DRDO
9 Nov 2015 Development of
Central Unit of Coastal
Surveillance Radar (CSR)
16 Nov 2015 ERDE Issued by DRDO
9 Nov 2015 Navigation System For
Unmanned Vehicles in
Unchartered Terrain
31 Dec 2015 Research &
Development
Establishment
Issued by DRDO
9 Nov 2015 Propeller for An-32
Aircraft
28 Jan 2015 Directorate of
Procurement
For IAF
9 Nov 2015 125mm FSAPDS
Ammunition Receiver
Gauges (Secondary)
7 Nov 2015 Paratrooper Jump
Helmet; Qty 170 Nos.
14 Nov 2015 Army Airborne
Training School
For IA
6 Nov 2015 Cartridge ML.2-INCH
Mortar or Bomb Thrower
Empty/L Designer; Qty
3,80,000 Nos.
27 Nov 2015 Ordnance Factory,
Badmal
For OFB
6 Nov 2015 Supply, Installation
& Commissioning of
Advanced 3D Terrain
Visualization System
15 Dec 2015 DTRL Issued by DRDO
5 Nov 2015 Rope Polypropylene 3 Dec 2015 Material
Organization,
Ghatkopar
For IN
3 Nov 2015 Aircraft Recognition
Training System
Simulator
27 Nov 2015 Air Officer
Commanding
For IAF
3 Nov 2015 NBC Radiological Suit
(Permeable Suit)
8 Dec 2015 Director, BSF
Academy
For BSF
2 Nov 2015 Programmable Laser
Designated Target
Simulator

19Eye on Defence |
29 Oct 2015 Oxygen Mask; Qty: 200
Nos.
16 Nov 2015 AOC, Air Force
Station
For IAF
28 Oct 2015 Detail Design of Turbo
Jet Engine for UCAV
10 Nov 2015 Research Centre
Imarat
Issued by DRDO
28 Oct 2015 Fabrication of ABG
Electronic Time Fuze
27 Oct 2015 High Explosive Substitute
(HES) to Density 1.72
to 1.75 gms/cc having
pourability at 70 to 75
degree C
27 Oct 2015 Pouches for Ammunition
and Grenades made of
disruptive pattern nylon
6 6 material; Qty: 2096
Nos.
1 Dec 2015 CoBRA Sector, CRPF For CRPF
27 Oct 2015 Full face Mask; Qty:
6,800 Nos.
20 Nov 2015 The Commandant &
MD
For IA
26 Oct 2015 Access control System 16 Nov 2015 Project Officer, 3
Grenadiers
For IA
24 Oct 2015 LWI Helmet S-2 (ZSH-
3M); Qty: 06 No.
4 Nov 2015 Air Force Station For IAF
20 Oct 2015 Laser Range Finder 3 Nov 2015 Laser Science &
Technology Centre
Issued by DRDO
16 Oct 2015 Supply and Installation
of Four Wheel Driving
Simulator
3 Nov 2015 Air Officer
Commanding
For IAF
16 Oct 2015 40mm LV Ammunition
for SIG 5640/M-203 PI
UBGL and UBGL Gauges
12 Nov 2015 --- For NSG
13 Oct 2015 Polycarbonate Helmet;
Qty: 1127 Nos.
1 Dec 2015 DIGP GC CRPF
Kootah
For CRPF
13 Oct 2015 Thermal Imaging
Equipment; Qty: 03 Nos.
6 Nov 2015 Base Commander
8 FBSU
For IAF
13 Oct 2015 Deep Search Mine/Metal
Detector (DSMD); Qty:
55 Nos.
5 Nov 2015 Directorate General,
Tibetan Border Police
For ITBP
12 Oct 2015 Portable Radar Simulator 4 Nov 2015 Research Centre
Imarat
Issued by DRDO

20 | Eye on Defence
9 Oct 2015 Automatic Inflatabal Life
Jacket (MAF Wests)
12 Nov 2015 HQ Southern
Command
For IA
8 Oct 2015 Helmet Mounted Aviator
NI Vision Goggles; Qty:
16 Nos.
30 Oct 2015 HQ Northern
Command
For IA
5 Oct 2015 Manufacturing And
Supply Of Ground
Launcher
19 Oct 2015 DRDL Issued by DRDO
5 Oct 2015 64,48,458 Qty of
Cartridge SA 7.62mm
Ap/Incendiary (With
B-32 Bullet), Rimmed
Ammunition For Gun
Machine 7.62mm(PKT)
Mounted On T-72 Tank
31 Dec 2015 DDG PPO For IA
5 Oct 2015 Cartridge SA 7.62mm
Sniper Rimmed for Sniper
Rifle Dragnov; Qty:
31,03,588
5 Oct 2015 Cartridge SA 7.62mm (
With Steel Core Bullet),
Rimmed Ammunition
For Gun Machine (Gm)
7.62mm (PKT) Mounted
On T-72 Tank; Qty:
1,00,69,996 Nos.
5 Oct 2015 Cartridge SA 7.62mm
Tracer With T-46 Bullet,
Rimmed Ammunition
for Gun Machine (Gm)
7.62mm PKT Mounted
On T-72 Tank; Qty:
57,53,567 Nos.
03-Oct-2015 Shooting Simulator for
10m with Display and
Analysis Unit Trigger and
Grip Sensor and spares
for .22 Free Pistol Morini
13 Oct 2015 Army Marksmanship
Unit
For IA
1 Oct 2015 Coalescer Catridge; Qty:
26 Nos. and Separator
Catridge Type M; Qty: 20
Nos.
5 Oct 2015 Air Force Station
Maharajpur
For IAF

21Eye on Defence |
1 Oct 2015 Istat ABG Cartridges 20 Oct 2015 Defence Institute of
Physiology & Allied
Sciences
Issued by DRDO
29 Sep 2015 Qualified Airborne RF
System Type I –II
21 Oct 2015 Centre For Air Borne
System
Issued by DRDO
29 Sep 2015 Passive Night Vision
Monocular; Qty: 400 Nos.
10 Nov 2015 Provisioning
Directorate
(Procurement Cell)
For BSF
26 Sep 2015 Design, Manufacture,
Supply, Erection &
Commissioning of Lead
Swaging Press for A-7
ammunition; Qty: 01 No.
24 Nov 2015 Ordnance Factory
Varangaon
Issued by OFB
26 Sep 2015 Design, Manufacture,
Supply, Erection &
Commissioning of Lead
Swaging Press for 5.56
mm ammunition; Qty: 04
24 Nov 2015 Ordnance Factory,
Varangaon
Issued by OFB
25 Sep 2015 NBCD Items 1 Oct 2015 Coast Guard Region,
North West
For ICG
24 Sep 2015 FUZE, Rocket Aircraft
68 MM Type A-HE; Qty:
5000
5 Nov 2015 Ordnance Factory
Chanda
Issued by OFB
24 Sep 2015 Biometric Access Control
System; Qty: 72 Nos.
2 Nov 2015 Directorate of
Administration
For IN
24 Sep 2015 Interoperability Radio;
Qty: 5 Nos.
29 Oct 2015 Chief Signal Officer For IA
24 Sep 2015 LWI Helmet CTK/CTH
Heptrs. Size1-40 & Size
2-30
29 Oct 2015 Directorate of
Procurement
For IAF
24 Sep 2015 Mask Oxygen for Hawk
Aircrews; Qty: 75 Nos.
29 Oct 2015 Directorate of
Procurement
For IAF
23 Sep 2015 Life Jacket; Qty: 1200
Nos.
13 Oct 2015 Eastern Command
(Ord)
For IA
23 Sep 2015 Simulator Hardware for
Ground Trainings; Qty:
02 Nos.
8 Dec 2015 Software
Development
Institute AF
For IAF
21 Sep 2015 Mine Detector With Radar
Technology
16 Oct 2015 GOC-in-C, HQ
Northern Command
For IA

22 | Eye on Defence
21 Sep 2015 Biometric 17 Oct 2015 HQ 39 Mountain
Division
For IA
19 Sep 2015 MINI UAVs; Qty: 49 Nos. 19 Oct 2015 HQ Northern
Command (EME)
For IA
18 Sep 2015 CCTV Surveillance
System; Qty: Approx 5
Nos.
30 Sep 2015 AF Stn Begumpet
Bowenpally (PO)
For IAF
18 Sep 2015 Development and
Manufacture of
Composite Radome for
Airborne Surveillance
Systems AWACS (I)
7 Oct 2015 Centre For Air Borne
System
Issued by DRDO
17 Sep 2015 Quadcopter (Day and
Night); Qty: 100 Nos.
14 Oct 2015 TPC HQ Northern
Command (EME)
For IA
17 Sep 2015 Quadcopter (Day); Qty:
100 Nos.
14 Oct 2015 TPC HQ Northern
Command (EME)
For IA
17 Sep 2015 FUZE T-90 For Shell
122MM Howitzer
Ammunition; Qty: 1501
Nos.
15 Dec 2015 MGO PPO Army
Headquarter
For IA
17 Sep 2015 FUZE RGM-2 for Shell
122MM Howitzer
Ammunition; Qty: 7690
Nos.
15 Dec 2015 MGO PPO Army
Headquarter
For IA
16 Sep 2015 Integrated Surveillance
Grid and Access Control
Solution
7 Oct 2015 HQ Dakshin Bharat
Area Island Ground
For IA
14 Sep 2015 Bullet Proof Jackets with
flotation capability and
Ballistic helmets, Qty:
408 Each
16 Oct 2015 Coast Guard
Headquarters
For ICG

23Eye on Defence |
List of Industrial Licenses (ILs) filed for
September–October 2015
Application no. and
date
Name of the applicant Item of manufacture
108
30/10/2015
M/s CDET Explosive Industries Pvt.
Ltd.
Ammonium Perchlorate
107
20/10/2015
M/s Oshocorp Global Private Limited. Camouflage Nets, Camouflage Sniper Suit, Multi
106
19/10/2015
M/s Asawara Earthtech Private
Limited
Class 2.0 Explosives (Slurry / Emulsion Explosives/
Bulk FME)
105
19/10/2015
M/s Rolta Meprolight Private Limited. Manufacture of MEPRO 21,MEPRO MOR, MEPRO
MX3, MEPRO M5, MEPRO GLS etc.
104
15/10/2015
M/s Continental Defence Solutions
Pvt. Ltd.
Repair, maintenance, refurbishment, overhaul, life
extension-all types of air and ground missiles and their
systems.
103
15/10/2015
M/s Premier Explosives Ltd. Trinitrotoluene(TNT)
102
15/10/2015
M/s Premier Explosives Ltd. HMX & RDX and compounds
101
13/10/2015
M/s Kalyani Strategic Systems Ltd. Weapons other than small arms to include artillery
guns, Howitzers, Mortors, MBRL, air defence guns.
100
08/10/2015
M/s Hampson Industries Pvt. Ltd. Machined parts of Turbojet, aero engines, aero
structure tanks, missiles
99
23/09/2015
M/s IDL Explosives Limited Bulk non-explosives emulsion matrix
98
23/09/2015
97
23/09/2015
96
23/09/2015
M/s TAL Manufacturing Solutions
Limited
Other parts of aeroplanes
95
22/09/2015
M/s Blastec (India) Private Limited Site mix bulk emulsion explosives
94
22/09/2015
M/s Blastec (India) Private Limited Site mix bulk emulsion explosives
93
16/09/2015
M/s SMPP Pvt. Ltd Ammunition for tanks and artillery guns
92
16/09/2015
M/s Solar Industries India Limited Site mix bulk emulsion explosives
91
16/09/2015

24 | Eye on Defence
List of Industrial Licenses (ILs) filed for
September–October 2015 (cont’d.)
Application no. and
date
90
16/09/2015
89
16/09/2015
M/s Solar Industries India Limited Sit mix bulk emulsion explosives
88
16/09/2015
87
16/09/2015
M/s Solar Industries India Limited Sit mix bulk emulsion explosives
86
16/09/2015
M/s Solar Industries India Limited. Site mix bulk emulsion explosives
85
16/09/2015
M/s Solar Industries India Limited. Site mix bulk emulsion explosives
84
07/09/2015
M/s Oxera Precision Tech Pvt. Ltd. Aerospace parts
83
01/09/2015
M/s Blue Stampings & Forgings Ltd. Sating and arming devices, fuzes, sensors and
initiation devices.
82
01/09/2015
M/s Vinyas Innovative Technologies
Pvt. Ltd.
Assembly and testing of microwave modules

25Eye on Defence |
Application no. and
date
29/07/2015
65/SIA/IL/2015
Pvt. Ltd.
Weapon and ammunition, armored vehicle upgrade
23/06/2015
60/SIA/IL/2015
Pvt. Ltd.
Ammunition and fuze, air defence guns, loitering
missile systems
23/06/2015
61/SIA/IL/2015
Ananth Technologies Ltd. Night vision sights
18/06/2015
54/SIA/IL/2015
M/s Reliance SED Ltd. Manufacture of all models/kinds of night vision
devices, sensors, navigation systems and surveillance
equipment
18/06/2015
55/SIA/IL/2015
M/s Reliance Naval Systems Limited Manufacture of air independent propulsion (AIP)
systems for marine application
18/06/2015
56/SIA/IL/2015
M/s Reliance Naval Systems Limited Manufacture of hull penetrators and connectors,
electro mechanical/hydraulic devices, motors, shafts,
propulsion systems and valves etc.
18/06/2015
57/SIA/IL/2015
M/s Reliance Unmanned Systems Ltd. Manufacture of unmanned aerial vehicles
18/06/2015
58/SIA/IL/2015
M/s Reliance Naval Systems Limited Maintenance, repair, overhaul and upgrade of all types
of naval vessels
15/06/2015
46/SIA/IL/2015
M/s Comint Systems And Solutions
Private Ltd.
Surveillance and security automation systems
15/06/2015
47/SIA/IL/2015
M/s Reliance Helicopters Limited
15/06/2015
48/SIA/IL/2015
M/s Reliance Propulsion Systems
Limited
15/06/2015
49/SIA/IL/2015 And
17/06/2015
59/SIA/IL/2015
M/s Reliance Aero structure Limited Design, development, assembly and manufacture
of aircraft and its spare parts. MRO and upgrade of
helicopter and aircraft
15/06/2015
50/SIA/IL/2015
M/s Reliance Land Systems Limited Manufacture of all terrain combat vehicles (ATCV) for
armed forces
15/06/2015
52/SIA/IL/2015
M/s Reliance Defence Technologies
Pvt Ltd
Manufacture of simulators of air, land and naval
platforms
09/06/2015
44/SIA/IL/2015
M/s Reliance Defence Technologies
Pvt Ltd
Design, development and production of Missiles
14/05/2015
40/SIA/IL/2015
M.s Naistoco India Pvt. Ltd. Heavy weapons, anti-material rifles, sniper rifles, man
portable rifles, anti-tank rifles etc.
Cases approved in the 5th Licensing
Committee Meeting (6 November 2015)

26 | Eye on Defence
Application no. and
date
30/04/2015
36/SIA/IL/2015
M/s Avantel Limited Design, development and manufacture of radio
communication systems covering HF, VHF, UHF etc.
27/04/2015
33/SIA/IL/2015
M/s DCX Cable Assemblies Pvt. Ltd. Submodules for communication equipment;
microwave components and modules for radar etc.
27/04/2015
35/SIA/IL/2015
M/s OIS Advanced Technology Pvt.
Ltd.
Vertical take-off and landing tactical unmanned aerial
system (VTOL Tactical UAS), night vision devices etc.
16/04/2015
32/SIA/IL/2015
M/s Shan Arms Industries Pvt. Ltd. Ammunition of medium and high calibre
10/04/2015
31/SIA/IL/2015
M/s Ideal Industrial Explosives Ltd SMS/ SME Explosives
12/03/2015
23/SIA/IL/2015
M/s OIS Advanced technology Pvt.
Ltd.
Artillery Guns (155MM X 52 calibers), Air defence
guns systems etc.
22/01/2015
04/SIA/IL/2015
Pvt. Ltd
Weapons and ammunition, artillery (mounted gun
system)
26/12/2014
328/SIA/IL/2014
M/s Beejasan Explotech Pvt. Ltd Detonating Fuse, PETN cast Booster, Detonators (all
types), NHN, Slurry, Bulk Emulsion explosive, ANFO
21/10/2014
DIL:33(2014)
M/s Economic Explosives Ltd. Amendment in existing IL for change of product name
from “filling of munitions 40 MM and above” to “Filling
and Assembly of Munitions”
19/08/2014
297/SIA/IL/2014
M/s Comavia Systems Technology
Pvt. Ltd.
Military avionics systems for use on board fighter
aircraft etc.
23/07/2014
296/SIA/IL/204
M/s Ideal Industrial Explosives Ltd Composite solid explosive (HMX) and Pyrodevices,
propellants, High Melting
27/11/2013
69/SIA/IL/2013
M/s Ideal Detonators Pvt. Ltd Detonators (ordinary and non-electric) Electric
instantaneous and delays shock tube and cord relay
13/08/2010
54/SIA/IL/2010
M/s Premier Explosives Site mixed explosives
12/11/2009
49/SIA/IL/2009
M/s C DET Explosives Industries Pvt.
Ltd.
Bulk explosives, cartridges explosives
15/10/2009
43/SIA/IL/2009
M/s C DET Explosives Industries Pvt.
Ltd.
Pentaerythritol, Tetra Nitrate, detonating Fuse
Cases approved in the 5th Licensing
Committee Meeting (6 November 2015) (cont’d.)

27Eye on Defence |
Name of entity Project details Value*
Defense
Acquisitions
Council (DAC)
and Indian Air
Force (IAF)
• ► DAC approved a proposal to upgrade its Ilyushin tactical transport fleet with new
engines and avionics (worth INR42.5 billion) to extend the fleet’s service life by 20
years.
• ► The upgrade will be provided to 17 IL-76 transport aircraft, three Israeli Phalcon
AWACS and six IL-78 refuellers.
• ► The DAC also cleared an INR18 billion for digitization of 25 firing units of Pechora
surface-to-air missile system.
INR60.5
billion
DAC and Indian
Army
• ► DAC approved acquisition of 149 BMP-II infantry combat vehicles for INR9.2 billion.
• ► It also cleared for two Pinaka Multi Barrel Rocket Launcher (MBRL), manufactured
by Tata and L&T, for INR33 billion.
INR42.2
billion
DAC and Indian
Navy
• ► For the Indian Navy, DAC approved four multi-purpose vessels worth INR28 billion.
• ► Apart from the multi-purpose vessels, DAC also granted Acceptance of Necessity
(AoN) for purchase of two deep-submergence rescue vehicles (DSRVs) worth
INR15 billion.
INR43 billion
Ministry of
Defence (MoD)
and Pipistrel
• ► The MoD signed a contract with a Slovenian firm, Pipistrel, for purchasing 194
micro-light aircraft (Virus FW-80).
• ► These aircraft will be operated by the IAF (72), Indian Navy (12), and the National
Cadet Corps (110).
INR1 billion
L&T • ► The Indian Army has signed a deal with L&T (in partnership with Samsung) for 100
self-propelled artillery guns.
• ► The production of the artillery guns will commence by June 2016.
INR50 billion
Bharat
Electronics Ltd.
(BEL)
• ► The IAF has signed a deal with BEL for the extension of its program of integrating
all civil and defence radars across the country.
• ► The aim of the program is to ensure any intrusion by a hostile aircraft, helicopter,
drone or micro light can be detected and tackled as soon as it takes place.
INR80 billion
Boeing • ► The Cabinet Committee on Security (CCS) cleared the proposal to buy 22 Apache
attack helicopters and 15 Chinook heavy-lift choppers.
• ► The deal was pending since 2013. It was approved by the DAC in 2014 but
clearance from the finance ministry was pending.
INR162.5
billion
New projects/investments/
contracts
*The values of the deals have been converted to Indian Rupees using the conversion rate1US$ = INR65.
Sources:
1. “Ministry of defence clears military projects worth over Rs 12,000 crore,” The Economic Times, 29 October 2015, via Q-tech Synergy Newsletter
2. “Ministry of defence clears military projects worth over Rs 12,000 crore,” The Times of India, 29 October 2015, via Factiva
3. “MoD clears military projects worth over $1.8 bn for the Armed Forces,” Defence News India, 29 October 2015, via Q-tech Synergy Newsletter
4. “India signs Rs 105.5 crore contract for micro light aircraft with Slovenian company Pipestrel,” India News, 13 October 2015, via Q-tech Synergy
Newsletter
5. “Make in India: L&T outguns global rivals to bag Rs 5,000-crore Indian Army deal,” The Economic Times, 30 September 2015, via Q-tech Synergy
Newsletter
6. “Government clears Rs 8000 crore IAF’s Integrated Air Command & Control System,” The Economic Times, 23 September 2015, via Q-tech
Synergy Newsletter
7. “CCS approves to buy Apache and Chinook helicopters,” Indian Express, 23 September 2015, via Q-tech Synergy Newsletter

28 | Eye on Defence
Name of the
entities
Nature of transaction Value
Tata Advanced
Systems Ltd.
(TASL) and
Boeing
• ► TASL and Boeing have announced a JV to manufacture aero structures for the AH-
64 Apache helicopter.
• ► The JV will also focus on collaborating on integrated systems development
opportunities in India.
NA
Reliance
Defence Ltd. and
Emirates Defence
Industries
Company (EDIC)
• ► Reliance and EDIC have signed a strategic pact to jointly explore the opportunity
to manufacture and build capabilities in defense vehicles, aviation and associated
areas, defense equipment and armament manufacturing, MRO of military
equipment and platforms.
NA
Lumax Auto
Technologies
Ltd. and SIPAL
S.p.A
• ► Lumax Auto has entered a 51:49 JV with SIPAL, which is expected to become
operational in 2017.
• ► The JV will focus on all type of integrated logistic support engineering related to
the aerospace, defense and automotive sectors.
NA
Bharat Dynamics
and Electronics
Corporation of
India Ltd.
• ► Both the companies have signed a MoU to collaborate in the development of missile
electronics and weapon support systems for major defense projects.
NA
JVs and alliances
Sources:
1. “Boeing and Tata Announce Aerospace Joint Venture in India,” Boeing website, 9 November 2015, via Q-tech Synergy Newsletter
2. “Reliance Defence in pact with Emirati company,” New Kerala, 28 September 2015, via Q-tech Synergy Newsletter
3. “Lumax forms JV to foray into Aerospace & Defence sector,” Dion, 26 November 2015, via Factiva
4. “BDL signs MoU with ECIL,” United News of India, 21 September 2015, via Factiva

29Eye on Defence |29 | Eye on Defence
Country Nature of transaction Additional details
Russia • ► The Indian Navy has signed an INR50 billion
contract with Russia to upgrade four of its
kilo-class submarines.
• ► The upgrade by the Russian shipbuilder
Zvezdochka, will increase the service period
of underwater vessels to 35 years.
• ► Under this project, the refit of one submarine,
INS Sindhukesari (will be started in June
2016), will be performed in Russia, while the
remaining three will undergo renovation in
India, under the “Make in India” initiative.
Russia • ► Defense Minister of India, Manohar Parrikar,
has signed a military-technical cooperation
agreement with the Russian defense minister
Sergei Shoigu.
• ► The agreement focuses on strengthening
efforts for major contracts expected to be
signed during Prime Minister Narendra Modi’s
visit to Russia in December.
• ► The major deals include multi-billion dollar deal
for the new generation Russian S-400 Triumph
anti-ballistic missile system and a possible
leasing of a nuclear submarine.
Russia • ► The Russian enterprise Uralvagonzavod
inked a deal with India for shipping of spare
components for T-72 tanks.
• ► The deal was signed at the Russia Arms Expo
-2015 arms exhibition.
Germany • ► India and Germany have signed a
Memorandum of Understanding (MoU) on
Security Cooperation.
• ► The MoU proposes to intensify the
cooperation in countering terrorism in all its
form, including recruitment and financing.
It also covers areas of border protection,
aviation security, cybercrime, illegal
migration and counterfeit currency.
• ► The Minister of State for Home Affairs
Shri Kiren Rijiju and the visiting German
Parliamentary State Secretary at the Ministry
of Interior, Dr. Gunter Krings signed the MoU.
Indonesia • ► India and Indonesia have agreed to increase
cooperation in counter-terrorism and
defense.
• ► The issues were discussed during Indian Vice
President Hamid Ansari’s visit to Indonesia.
• ► Other agreements in the field of renewable
energy and culture were also signed during the
visit.
The US • ► The US has established a special cell, India
Rapid Reaction Cell (IRRC), to increase
military cooperation with India especially to
accelerate the process of co-development
and co-production of hi-tech military
equipment.
• ► The purpose of the cell is to work under all the
initiatives ongoing under India-US Defense
Trade and Technology Initiative (DTTI).
The US • ► India and the US started discussion to jointly
develop a next generation aircraft carrier.
• ► An Indian delegation also visited the US Navy’s
aircraft carrier facility in Virginia and received
briefs on US Navy management of aircraft
carrier programmes.

30 | Eye on Defence
Sources:
1. “Navy signs Rs 5,000 crore pact with Russian shipbuilder Zvezdochka for Kilo class submarine refit,” The Economic Times, 17 October 2015, via
Q-tech Synergy Newsletter
2. “Ahead of Modi-Putin meet, Parrikar discusses Triumf missile system, chopper deals with Russia,” The Economic Times, 2 November 2015, via
Q-tech Synergy Newsletter
3. “India, Russian Federation: RUSSIA, INDIA inks deal to ship spare components of T-72 tanks,” Cyprus Mail, 16 September 2015, via Factiva.
4. “India-Germany’s pact for Security Cooperation”, Press Information Bureau, 5 October 2015, via Q-tech Synergy Newsletter
5. “India, Indonesia sign two MoUs; to expand defence cooperation,” The Economic Times, 2 November 2015, via Q-tech Synergy Newsletter
6. “Pentagon creates first ever special cell to speed up defence ties with India,” The Economic Times, 15 September 2015, via Q-tech Synergy
Newsletter
7. “India, US discuss plans to develop next-generation aircraft carrier,” The Economic Times, 16 September 2015, via Q-tech Synergy Newsletter
8. “India, Malaysia to deepen defence ties, set up Su 30 forum,” The Economic Times, 24 November 2015, via Factiva.
(cont’d.)
Country Nature of transaction Additional details
Malaysia • ► India and Malaysia have agreed to set up a
forum for Su-30, to exchange information on
training, maintenance and technical support
of the fleet.
• ► Both the countries have also decided to
upgrade joint military exercises.

32 | Eye on Defence
Industry buzz
India successfully test fires Prithvi II missile
India has successfully test fired nuclear capable surface-
to-surface Prithvi-II missile from the Integrated Test Range
(ITR) Chandipur, off Odisha coast. Prithivi-II is capable of
carrying both conventional and nuclear payloads. The
missile has a strike range of 250–350 km and is capable
of carrying a 500–1,000 kg load and is designed in such a
way that it can carry both solid and liquid fuels. The missile
uses advanced inertial guidance system with maneuvering
trajectory for striking its target.
(Source: “Defence boost: Nuclear capable surface-to-surface Prithvi
II missile test-fired successfully,” Deccan Chronicle, 27 November, via
Factiva)
Brahmos supersonic cruise missile tested
successfully
The Army successfully test fired its 300 km range Brahmos
supersonic land attack cruise missile. The missile was test
launched in Pokharan, Rajasthan by a Mobile Autonomous
Launcher (MAL), and met all the objectives of the mission.
The missile has a speed of 2.8 Mach, and is capable of being
launched from land, sea, sub-sea and air against sea and
land targets.
(Source: “Indian Army successfully test-fires Brahmos land attack
missile,” The Economic Times, 7 November 2015, via Q-tech Synergy
Newsletter)
Army receives two indigenously manufactured
L70 guns
The Indian Army received two L70 electro optical guns,
developed and manufactured by Bharat Electronics (BEL).
BEL had won the INR5.75 billion order for the L70 gun
upgrade in a global open tender issued by the Indian Army.
BEL, in partnership with the Ordnance Factory Board (OFB),
will deliver 200 such guns to the army by 2018. The guns
are equipped with electrical servo drives, electro optical fire
control system and video tracking.
(Source: “Indian Army receives 2 BEL-made L70 upgrade guns,” One
India, 9 November 2015, via Q-tech Synergy Newsletter)
Several tier-II defense companies will set up
base in India
Many international defense components suppliers are
moving to set up base in India. The Foreign Investment
Promotion Board (FIPB) has received several proposals from
smaller firms manufacturing defense-related products. The
Government has also worked out the defense offset policy
and is expected to be announced by the year-end.
(Source: Boost for defence: Foreign ancillary firms plan to set up base
in India,” The Economic Times, 2 November 2015, via Q-tech Synergy
Newsletter)
Government relaxed FDI regulations in defense
sector
The Government has further relaxed FDI regulations in the
defense manufacturing sector. Some of the main changes
include, FDI of 49% under the automatic route from the
government approval route, investment will be cleared by
FIPB rather than the Cabinet Committee on Security (CCS).
In case of state-of-the-art and cutting-edge technology
ventures under the single-brand route, sourcing norms have
been relaxed and Foreign Venture Capital Investors (FVCI)
and foreign venture capital firms can also invest up to 49%
as compared to 24% earlier.
(Source: “Subject: Review of Foreign Direct Investment (FDI) policy
on various sectors,” DIPP, 10 November 2015, via Q-tech Synergy
Newsletter)
India is likely to import Japanese aircraft for
sea patrolling
Japan and India were expected to finalize the deal for
exporting Japan-made amphibious aircraft during Japanese
Prime Minister Shinzo Abe’s visit to India from 11 to 13
December. The US-2 amphibious aircraft can take off and
land at sea even in bad weather and has a flight range of
more than 4,500 km. India is considering exporting the
aircraft to enhance its sea patrol capability.
(Source: “India likely to ink pact to import Japan-made war plane,” BBC
International, 29 November 2015, via Factiva)
After successful test fire in Israel, BARAK-8 is
to be test-fired in India
Israeli military has successfully tested BARAK-8, a long-
range surface-to-air-missile co-developed by IAI and DRDO,
from a navy ship. It intercepted an enemy target registering
100% success. The missile will now be test fired from India’s
new class of stealth destroyers under P15-A, INS Kolkata
and INS Kochi. INS Kolkata will fire the missile from the ship
in December followed by another flight of the missile from
INS Kochi in March-April 2016.
(Source: “All set for long-range missile launch from ship”, The Hindu, 29
November 2015, via Factiva)
Three A&D parks proposed around Hyderabad
The Telengana State Government has proposed three
new A&D manufacturing and R&D parks near Hyderabad
at an investment of INR25 billion during 2015–19. The
State Government is expected to come out with a sector-
specific policy to make Telangana a hub of aerospace and

33Eye on Defence |
defense where all activities, including R&D, manufacturing,
incubation, will be provided at one place. Another 500
acre Adibalta aerospace park in Hyderabad is now fully
functional.
(Source: “Three more aerospace, defence parks proposed around
Hyderabad,” The Hans India, 28 November 2015, via Factiva)
India test-fires anti-tank guided missile
developed by Bharat Dynamics Ltd. (BDL)
Amogha-1, an indigenously-developed second generation,
Anti-Tank Guided Missile (ATGM) with a range of 2.8 km, was
successfully test-fired at Babina Army Range, Uttar Pradesh.
This is the first missile developed by BDL. The test flights,
without any deviation for its designed path profile, have hit
the target and all design parameters have been met.
(Source: “Anti-tank guided missile test-fired,” The Hindu, 16 September
2015, via Factiva)
India set to produce light military choppers
India is set to start local manufacturing of light military
choppers to meet the large and urgent requirements of
military choppers. India’s requirement for light choppers is
in excess of 800 with the older Cheetah/Chetak fleet moving
towards the end of its service life. Another major contract
for approximately 200 light choppers for a domestic firm (in
partnership with a foreign player) is likely to be out soon.
(Source: “India to have three lines of light military choppers under ‘Make
in India’,” The Economic Times, 13 October 2015, via Q-tech Synergy
Newsletter)
Naval gears is likely to be procured only from
domestic firms
The MoD has drawn up a list of warship systems and
equipment that it will only acquire from the domestic
industry. Equipment has been divided into Float, Move and
Fight categories. The Float category includes aircraft lifts,
composite superstructures and paints for hull. The Move
category includes gas turbines, main propulsion diesel
engines, marine gearboxes, propellers, air independent
propulsion, steam generation equipment and canned motor
pumps.
(Source: “India Restricts Naval Gear Acquisition to Domestic Firms,”
Defense News, 3 October 2015, via Q-tech Synergy Newsletter)
MoD is likely to revise Defense Procurement
Procedure (DPP) to boost domestic production
The Government will soon come out with a revised DPP
to bolster efforts under the “Make in India” campaign. A
committee of experts was set up to look into all aspects of
DPP and suggest a policy frame-work for the “Make in India”
campaign in defense manufacturing. The committee has
proposed various amendments to the DPP, which will be
included in the next revision.
(Source: “Revised DPP soon to boost ‘desi’ defence manufacturing: IAF
official,” The Economic Times, 15 November 2015, via Q-tech Synergy
Newsletter)
Indian Navy commissions INS Kochi and INS
Astradharini
The Indian Navy (IN) has commissioned its first indigenously
designed and built torpedo launch and recovery vessel INS
Astradharini and the indigenously designed and constructed
Project 15A (Kolkata-class) guided missile destroyer INS
Kochi. INS Kochi has a combined Gas and Gas (COGAG)
propulsion system, comprising four powerful reversible gas
turbines and can attain speeds in excess of 30 knots while
INS Astradharini can operate at high sea states and has a
large deck area with torpedo launchers for deploying and
recovering various kinds of torpedoes during the trials and
can go up to 15 knots.
(Source: “IN commissioned torpedo launch & recovery vessel INS
Astradharini,” IBN Live, 6 October 2015, via Q-tech Synergy Newsletter)
Government likely to order 100 Tejas aircraft
by year-end
HAL, DRDO, and IAF have consented to procure 100 Light
Combat Aircraft (LCA) Tejas after discussion on the issues
during a meeting. The manufacturers, DRDO and HAL, will
address all the 43 issues with the aircraft without major
changes in its design. The final designs will be complete
by 2017 and the modified aircraft could enter production
beginning 2019. The deal size is expected to be INR2 trillion,
biggest ever defense order by India.
(Source: “Govt to order 100 Tejas aircrafts for IAF,” Business Today, 1
December 2015, via Factiva)

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34 | Eye on Defence

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the CII.
• Offset Structuring
worth US$ 3.7
Bn executed
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• Total experience of
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35Eye on Defence |

36 | Eye on Defence
Services offering – Tax & Regulatory
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Other
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and Advisory
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order to highlight the
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► Suggest alternative
approaches where necessary
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perspective
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atevery
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indirect tax
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on viability of the
chosen Indian Offset
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Eye on Defence January 2016

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