Defence and security company Saab has signed a MOU (Memorandum of Understanding) regarding a strategic investment in the Indian company Pipavav Defence and Offshore Engineering Co Ltd. In conjunction to this the companies have signed a Technical Partnership Agreement (TPA). The TPA 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 the 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 MSEK 250 through a suitable structure, subject to all necessary approvals, during coming months.
“Saab has a long-term strategy to grow in India and this new agreement is one important step in that direction,” says Håkan Buskhe, President and CEO at Saab.
Pipavav is today one of the strongest private players in the naval domain in India and has ambitions also in other defence areas. It therefore fits well into Saab’s product portfolio.
“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,” says Jan Widerström at Saab.
The two companies earlier 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.
Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers’ changing needs.
For further information, please contact:
Saab Press Centre, +46 (0)734 180 018, pressc...@saabgroup.com
The information is that which Saab AB may be required to declare by the Securities Business Act and/or the Financial instruments Trading Act. The information was submitted for publication on August 24 at 08:30 CET.