Chemring signs Indian joint venture agreement
The Hinduja Group Company will hold 51% of the shares with Chemring Group holding the remaining 49%.
The Hinduja Group and the Chemring Group PLC have already announced their intention to form a joint venture for indigenous manufacture of the full range of Chemring products such as countermeasures, electronic warfare, high energy materials, munitions, pyrotechnics and end of life ordnance destruction.
Chemring Aasia Services will open offices in Mumbai and New Delhi and will provide support services to the Chemring Group to serve Indian customers and will support our global supply chain. In addition, Chemring Aasia Services will also offer business support services to 3rd party industrial and defence groups trying to gain access to the Indian market.
Dr David Price, Chief Executive of Chemring Group, said: “I am delighted to be announcing this joint venture which is a clear signal of Chemring’s commitment to the Indian market. This partnership brings great value with the Hinduja Group’s experience in marketing in India and understanding of the Indian customer base. Chemring Aasia Services will enable Chemring to better serve the Indian defence market and will provide our customers in India with a local presence”.
Mr AP Hinduja, the Chairman of Hinduja Group India, said: “This Joint venture will help show case the advanced products and services from Chemring’s subsidiaries in UK, USA and Europe to the industrial and security markets in India. This joint venture is part of the Hinduja Group’s ambitious strategy to participate in India’s defence sector modernisation, which has been opened up for the private sector.”
