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BELGRADE (Serbia), June 20 (SeeNews) – India's Reliance Defence said on Tuesday it has signed a strategic partnership agreement with Serbia's state-run sector player Yugoimport for joint production of ammunition in the Asian country.
The two companies will work together in the field of ammunition, amongst others, with projected minimum requirement of Rs. 20,000 crore ($3.1 billion/2.8 billion euro) over the next 10 years from the Indian armed forces, Reliance Defence said in a statement.
Indian government recently issued eight requests for proposals for different grade of ammunition, opening the field to the private sector for the first time, Reliance Defence said.
The president of Reliance Group, Anil Ambani, has announced the cooperation project after a meeting with Serbian president Aleksandar Vucic and the country's defence minister, Zoran Djordjevic, the Indian company said.
Yugoimport is a market leader in the field of ammunition and has offered a fully compliant technical solution to meet the Make in India requirements of the Indian government, Reliance Defence said.
The Serbian company is active in the production of ammunition for grenade launchers, tank guns, artillery, as well as rockets and explosives.
Reliance Defence is a wholly-owned subsidiary of India's Reliance Infrastructure Limited.