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Defence and security company Saab has signed a Memorandum of Understanding regarding a strategic investment in the Indian company Pipavav Defence and Offshore Engineering Co. Ltd. In conjunction the companies have signed a Technical Partnership Agreement, which is a continuation of an ongoing co-operation between the two parties and covers details about the format for further co-operation and relevant projects.
These agreements are a step in Saab’s strategy to increase its presence in an important and large market and offer business possibilities for several parts of the organisation. The MoU covers an investment by Saab of approximately SEK 250 million through a suitable structure, subject to all necessary approvals.
“Saab has a long-term strategy to grow in India and this new agreement is one important step in that direction,” said Håkan Buskhe, President and CEO at Saab.
Pipavav is currently one of the strongest private players in the naval domain in India and has ambitions in other defence areas. It therefore fits well into Saab’s product portfolio. The two companies previously jointly formed the Combat System Engineering group, which analyses naval combat system design and architecture. The companies are also exploring next generation combat management systems for the Indian Navy and Coast Guard.
“This agreement has the potential of offering new business opportunities for Saab’s naval offer and we welcome the possibilities this presents to further develop our offering to a global market,” said Jan Widerström at Saab.
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