RInfra promoted Reliance Defence Limited, has entered into a Strategic Partnership agreement with South Korean defence major LIG Nex1.
As part of this partnership, two companies will explore opportunities in the indentified range of defence products required by the Indian Armed Forces. LIG Nex1 are emerging leaders in smart heavy weapons in category of Anti-ship Missiles, Anti Tank Guided Missiles (ATGM), and Guided Rockets.
Currently, there are multiple programs for the Indian Armed Forces that the two companies plan to address together. This will potentially include improvements to the existing weapon systems which are part of LIG Nex1 portfolio to meet the specific requirements of the Indian Armed Forces. Cumulative value of Programs being targeted will exceed multi billion.
Two companies have also identified Air Defence & Surveillance Radar that can be manufactured in India, as potential area of co-operation.
Two companies will also work on performance enhancement for various systems / platforms in the portfolio of LIG Nex1, to meet the specific requirements of the Indian Armed Forces.
India and South Korea relations were upgraded to Special Strategic partnership during the visit of Prime Minister Narendra Modi to Seoul.
Skills developed and the experience gained through this collaboration will further add to Reliance Group's capabilities and establish lead position in the Indian Market.
Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.566.95 as compared to the previous close of Rs. 556.5. The total number of shares traded during the day was 337834 in over 4970 trades.
The stock hit an intraday high of Rs. 568.75 and intraday low of 556.5. The net turnover during the day was Rs. 190381569.