12:00 AM, August 24, 2012
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Saab has signed a MOU (Memorandum of Understanding) with Indian company Pipavav Defence and Offshore Engineering Co Ltd regarding a strategic investment. Both companies have also signed a Technical Partnership Agreement (TPA) to continue an ongoing co-operation between the two and covers details about the format for further co-operation and relevant projects. The MoU allows Saab to invest 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. Earlier, the two companies 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.
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