India has signed inter-Governmental Agreement (IGA) with South Korea to develop artillery guns for Indian Army.
Besides, both the countries have signed agreement to collaborate in shipbuilding. It is a manufacturing agreement between two private companies, The Hindu reported Saturday.
The Inter-governmental Memorandum of Understanding (MoU) for defence industry co-operation in shipbuilding was signed by Ashok Kumar Gupta, Secretary Defence Production from India and Chang Myoung-Jin, Minister of Defence Acquisition and Programme Administration (DAPA), South Korea.
India has already nominated Hindustan Shipyard Limited (HSL), Visakhapatnam while South Korea will designate their shipyard soon.
The MoU was signed under the overall umbrella of the ‘Special Strategic Partnership’ between both sides, Defence Ministry said in a statement.
The MoU, which will come into effect from the date of signature by both sides, will be initially valid for five years and would be automatically extended for further successive five year at a time.
The two sides will identify specific projects to work on and this cooperation is expected to enable HSL to upgrade and modernise its facilities.
Indian engineering conglomerate Larsen & Toubro (L&T) and Hanwa Techwin of South Korea signed a contract on Friday to manufacture the K9 Vajra-T tracked, self-propelled artillery guns for the Indian Army.
“The first of the guns should be delivered within this financial year,” said Jayant Patil, head of defence and aerospace, L&T.
Further, the deliveries would be completed in 42 months.