Pipavav Shipyard has signed a memorandum of understanding (MoU) with SAAB Dynamics AB as part of a Defence co-production initiative taken by Wallenberg Group in India. This will enable Pipavav Shipyard to enter the army and air force segments, according to Exim News Service.
SAAB Dynamics AB is a part of the Wallenberg Group, a Swedish multinational company.
The partnership with SAAB offers access to the Wallenberg Group's cutting-edge technology for products in the Defence and aerospace sectors, Mr Nikhil Gandhi, Chairman, Pipavav Shipyard Ltd, said.
Mr Gandhi said that the company plans to invest between Rs 900 and Rs 1,125 crore towards its expansion plans. The company has received approval from the Union government to build ships for the Navy