Reliance Def inks partnership with Serbia's Yugoimport

New Delhi: Anil Ambani Group company Reliance Defence Ammunition has entered a strategic partnership with Serbia's state-run defence major Yugoimport to manufacture ammunition in India and target business opportunities of Rs 20,000 crore over the next 10 years.

The company made the annuncement here today, a day after Ambani, chairman of Reliance Group, met President of Serbia Aleksandar Vucic in Paris.

Defence Minister of Serbia, Zoran Dordevic, Assistant Minister of Defence Nenad Moloradovic and the CEO of Yugoimport were also present at the meeting.

"Two companies will work together in the field of ammunition amongst others, with projected minimum requirement of Rs 20,000 crore over next 10 years from Indian armed forces," Reliance Defence Ltd (RDL) said in a statement.

It said there is also an option for exporting ammunition, adding the proposal envisages transfer of technology by the original equipment manufacturers (OEMs) and indigenous manufacturing in India.

Yugoimport, a state-owned enterprise, is a market leader in the field of ammunition production and has offered a fully compliant technical solution to meet the Make in India requirements of the Indian government, as per RDL.

RDL has proposed to set up a greenfield facility for the production of ammunition.

"Reliance Defence Ammunition will also undertake joint development of next generation ammunition to meet the future requirements of the Indian armed forces," the company said.

India currently imports nearly 50 percent of its ammunition requirements by value term, with an annual spending of more than Rs 10,000 crore on ammunition.