Engineering and construction major, Punj Lloyd has signed a collaboration agreement with Singapore Technologies Kinetics for manufacturing of defence equipment.
Under this agreement, both ST Kinetics and Punj Lloyd will be pooling their resources in the execution of supply contracts for the Government of India, according to a statement issued here.
Punj Lloyd has a license to manufacture guns, rockets and missile artillery systems and other defence equipment.
ST Kinetics, based in Singapore, is a leading land systems and specialty vehicle companies with sales of S$1.18 billion in 2007 and a strong portfolio of products and services for the defence sector and commercial markets.
Its capabilities include the design and development, systems integration, production, through life support and management of a wide range of specialised equipment. ST Kinetics views India as an important market for both its defence and commercial products and services.
According Atul Punj, "Punj Lloyd is confident of leveraging its dynamism and adaptability together with its speed of decision making, to penetrate the defence sector. With its vast global reach, experience in diverse functions and its reputation for reliability, Punj Lloyd is well poised to take a significant position in this industry."
This tie up augurs well for the high growth Indian Defence sector. The combined capabilities of both the companies can help the Indian Army to scale up its modernization programmes. This strategic collaboration to jointly provide for the requirements of the Indian Defence sector is in synchronization with current Government views of achieving self-reliance by involving active participation by the Indian Industry in the Defence sector.
The partners will be involved in the engineering customisation (including but not limited to the design and development) of ST Kinetics' defence equipment and in the event of award of a supply contract, in the manufacture and maintenance of such defence equipment to meet the requirement of the Indian Army. They will also support trials by the Indian Army through provision of suitable personnel and resources.
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