Reliance Defence and Diehl Defence strengthen Strategic Partnership

Diehl Defence CEO Helmut Rauch and Anil D. Ambani, Founder Chairman of Reliance Group, discussed further details of the strategic partnership on Guided Munition / Terminally Guided Munition (TGM) that is in place, based on a Cooperation Agreement, which was signed in 2019.

For Diehl Defence, the collaboration with Reliance Defence is part of the company's commitment to the Indian market and to the 'Make in India' initiative of the Indian Government. The main purpose of the current Strategic Cooperation Agreement is to focus on the urgent supply of the "System Vulcano 155mm Precision Guided Munition" for the Indian Armed Forces.

In parallel, the initiative "System Vulcano 155mm under Make in India-II" is in progress with Reliance Defence as prime contractor for the Indian customer and Diehl Defence as strategic partner. The overall indigenous content under "Make in India" will be more than 50 per cent.

"Diehl Defence looks forward to strengthening the current relationship with Reliance in the context of TGM for the Indian Armed Forces", said Helmut Rauch, CEO of Diehl Defence.

Anil D. Ambani, Founder Chairman of Reliance Group, said: "We are honoured to partner with Diehl Defence, a globally recognized leader in guided munition technology. This strategic alliance not only accelerates the advancement of India's defence manufacturing capabilities, but also positions Reliance Defence as a pivotal player in the global defence supply chain. This collaboration is a testament to our commitment to operational excellence and innovation, aligning seamlessly with the Prime Minister's vision of Make in India and Atmanirbhar Bharat initiative. It exemplifies our resolve to catalyse sustainable growth, foster technological sovereignty, and position India as a formidable leader in international defence arena."

This cooperation between the two companies will also benefit from Reliance's current activities of setting up a greenfield manufacturing facility in the Watad Industrial Area in Ratnagiri, Maharashtra (India), which will eventually have an annual capacity to produce up to 200,000 artillery shells, 10,000 tonnes of explosives and 2,000 tonnes of propellant.

Shares of Reliance Infrastructure Limited was last trading in BSE at Rs. 390.60 as compared to the previous close of Rs. 372.00. The total number of shares traded during the day was 666409 in over 4747 trades.

The stock hit an intraday high of Rs. 390.60 and intraday low of 376.70. The net turnover during the day was Rs. 258008213.00.

Source : Equity Bulls

Keywords

RelianceInfrastructure INE036A01016 RELINFRA RelianceDefence StrategicPartnership DiehlDefence