Army

$500mn Anti-Tank Missile Deal With India Reinstated, Says Israel PM

Just a few weeks after New Delhi scrapped the USD 500 million defense deal, India is now all set to buy Israel’s Spike anti-tank guided missiles.

As per the media reports, the deal was canceled just a few weeks ahead of Mr Netanyahu’s arrival in India and its revival is now being considered to be a major strategic achievement.

After spending the day with Prime Minister Narendra Modi, PM Netanyahu quoted that India will buy Israel’s anti-tank spike missiles.

Mr Netanyahu on his six-day visit to India, said that the final details and other agendas of the deal are still being worked out.

Another leading Israeli daily newspaper ‘Haaretz’ published that the deal is “back on the table”.

Israel’s National Security Adviser, Meir Ben-Shabbat has said that current talks are moving in a positive direction and more details about it would be made available later.

Earlier this month, the Israeli arms firm, Rafael Advance Defense Systems Ltd, had confirmed that India was no longer associated with the deal and expressed regret over this decision.

According to the original proposal, India had formulated a plan to acquire the ATGM for the Army approximately priced at USD 500 million.

The Indian defense ministry is strongly seeking to transfer the technology, which is used in investing in various weapons from foreign defense majors as a part of its broad policy initiative in order to encourage the domestic defense industry.

Official sources in New Delhi had earlier given indications that the proposal to acquire the missile system was not an easy road and involved many hurdles when the Israeli side expressed disdain in conforming with a full transfer of technology as per the provisions of the ‘Make in India’ initiative.

The company recently had an inauguration at Hyderabad where the project was supposed to be executed.

By: Finance Exchange

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