New Delhi [India], July 30 (ANI): In an endeavour to boost the indigenous defence industry, the Defence Acquisition Council (DAC) on Monday issued guidelines for implementing the Strategic Partnership Model.
Following the announcement, the Centre also approved a project for building 111 Naval Utility Helicopters worth Rupees 21,738 crore.
The guidelines will ensure timely delivery of equipment to the Armed Forces.
The entire concept is aimed at revitalising the defence industrial ecosystem and produce advanced weapon systems indigenously.
Under the Strategic Partnership Model policy foreign companies will partner with Indian companies to produce military equipment locally.
This will also bring in niche technology in the nation.
The incentive will also be extended to the Global Majors who in collaboration with Indian Partners are ready to make India a Regional Global manufacturing hub.
This will give a major fillip to Make in India' initiative of the Government.
All procurements under the SP Model would be handled by Empowered Protect Committees (EPC) ensuring better attention and timely execution.
The DAC also accorded approval for the acquisition of 08 Fast Patrol Vessels (FPVs) for the Indian Coast Guard under 'Buy IDDM (lndian Designed, Developed and Manufactured) category at an approximate cost of Rs 800 Cr.
The policy on Strategic Partnerships in Defence Sector was promulgated in May 2017 as part of Defence Procurement Procedure (DPP) 2016 titled as "Revitalising Defence Industrial Ecosystem through Strategic Partnerships".
There were four segments (major platforms) which were identified under Strategic Partnership (SP) Model: Fighter Aircrafts, Helicopters, Submarines and Armoured Fighting Vehicles / Main Battle Tanks.
The DAC meeting was chaired by Defence Minister Nirmala Sitharaman. (ANI)
This story has not been edited. It has been published as provided by ANI