Reliance Defence to Set Up Joint Venture With Israel's Rafael

Jerusalem: Reliance Defence and state-owned Israeli defence contractor Rafael Advanced Defense Systems on Tuesday said they were setting up a joint venture in India to produce air-to-air missiles, air defence systems and observation balloons.

The companies will address programs valued at $10 billion over the next decade.

Reliance Defence, a unit of billionaire Anil Ambani-led Reliance Infrastructure, will hold 51 per cent of the joint venture and Rafael, one of Israel's largest defence firms, will hold the other 49 per cent.

Rafael is a market leader in the air-to-air missile segment with products such as Python and Derby. Its air defence systems portfolio includes a number of short and medium range missiles.

Rafael has already provided large aerostat systems to the Indian Air Force for its surveillance, reconnaissance, communication and intelligence needs, the companies noted.

The joint venture will offer the entire range of products in these fields to the Indian armed forces, they added.