Saab is India’s first 100 per cent FDI in defence.
This signing of agreement between Saab and MET City on March 4 to start construction of the manufacturing plant in Haryana marks a new addition of the defence sector
Swedish defence giant Saab starts the construction of its first manufacturing facility at Reliance MET City in Haryana’s Jhajjar, to make the Carl-Gustaf weapon system in India, according to a statement released on Monday.
The signing of an agreement between the two companies and subsequent ‘groundbreaking’ on Monday, March 4, by Saab FFVO India to start construction of the plant in Haryana also marks a new addition of the defence sector to the already existing wide array of sectors operating from Reliance MET City, opening doors to new and expanding opportunities.
It is India’s first 100 per cent foreign direct investment (FDI) in defence, according to the statement.
“A significant milestone was achieved by MET City, a wholly-owned
subsidiary of Reliance Industries Limited, as it becomes home to Saab’s first manufacturing facility of the famous Carl-Gustaf Weapon System in India,” MET City said in the statement on March 4.
MET City (METL), which is a wholly-owned subsidiary of Reliance Industries Ltd (RIL), is developing a world-class greenfield smart city on over 8,000 acres of land in the Jhajjar district of Gurugram in Haryana.
“It is a significant development for India in becoming Aatmanirbhar in defence manufacturing as this will be India’s first 100 per cent FDI in defence, thus starting a new chapter in making India self-reliant in key defence technologies,” MET City stated.
Saab is a Swedish defence major and has a wide array of defence products and their relationship with India is not new.
Reliance MET City already hosts companies from 9 different countries in various sectors. As one of the rapidly expanding business hubs in North India, it stands out as a preferred destination for industries across defence, engineering, electronics, auto components, medical devices FMCG, footwear, plastics, consumer products, and many others.
Mats Palmberg, chairman & managing director of Saab India Technologies and member of the BoD of Saab FFVO India, said, “We are deeply honoured to be the first global defence company to secure approval for 100 per cent foreign direct investment in India. Partnering with Reliance MET City to establish our manufacturing plant in India underscores our strong commitment to the Make in India initiative and our close collaboration with the Indian Defence Forces.”
He added that the company chose Reliance MET City due to its strategic location, well-developed infrastructure and availability of trained manpower.
S V Goyal, CEO & whole-time director of MET City, said, “Saab as India’s first 100 per cent FDI approved defence manufacturer will not only strengthen our resolve for delivering best-in-class infrastructure but will also establish MET City as a preferred location for doing business for global companies.”
With its Plug-n-Play infrastructure, IGBC Platinum-rated certification and companies hailing from 9 different countries, MET City has emerged as a premier business destination of India attracting companies from diverse sectors, Goyal said.
He added that it is a pioneering project in sustainable development, with over Rs 8,000 crore investment already committed. Presently, MET City holds licenses for over 2200 acres, and the project has already provided employment to more than 40,000 individuals.
Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
