Business
Adani invests $362 million to build two local defence factories | India Business News – Times of India
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Billionaire Gautam Adani’s conglomerate started two defense facilities in northern India this week at an investment of 30 billion rupees ($362 million), bolstering the country’s campaign to become self-reliant and promote local manufacturing.
Built by Adani Defence & Aerospace, a closely held firm in the Adani Group, at Kanpur in the Uttar Pradesh state across 500 acres, these factories will produce small, medium and large caliber ammunition for the armed forces, paramilitary forces and police, according to Karan Adani, founder’s son who’s overseeing the fledgling defense business.
The factories will produce 150 million rounds of ammunition annually — roughly a quarter of India’s requirements — and cater to the diverse needs of Indian Armed Forces, he said during the inauguration on Monday.
Karan Adani, chief executive director of Adani Ports and Special Economic Zone Ltd., at a news conference in Colombo, Sri Lanka, on November 8, 2023.
Prime Minister Narendra Modi has ratcheted up calls to boost indigenous manufacturing and reduce reliance on imports, creating business prospects worth billions of dollars for country’s conglomerates such as the Adani Group, Tata Group, Larsen & Toubro Ltd. and Mahindra Group.
India’s heavy dependence on imports for defense requirements has not only constrained country’s strategic autonomy but also limited its economic potential, said Adani, who’s also the chief executive officer of Adani Ports and Special Economic Zone Ltd.
The manufacturing facility, that is expected to create over 4,000 jobs, aims to produce 2,00,000 rounds annually of large caliber artillery and tank ammunition by 2025, and five million rounds of medium caliber ammunition a year later. It’ll also be capable of making short-range and long-range missiles.
Adani defence already manufactures drones, anti-drone systems and small arms including light machine guns, assault rifles and pistols, according to the company’s website.
Built by Adani Defence & Aerospace, a closely held firm in the Adani Group, at Kanpur in the Uttar Pradesh state across 500 acres, these factories will produce small, medium and large caliber ammunition for the armed forces, paramilitary forces and police, according to Karan Adani, founder’s son who’s overseeing the fledgling defense business.
The factories will produce 150 million rounds of ammunition annually — roughly a quarter of India’s requirements — and cater to the diverse needs of Indian Armed Forces, he said during the inauguration on Monday.
Karan Adani, chief executive director of Adani Ports and Special Economic Zone Ltd., at a news conference in Colombo, Sri Lanka, on November 8, 2023.
Prime Minister Narendra Modi has ratcheted up calls to boost indigenous manufacturing and reduce reliance on imports, creating business prospects worth billions of dollars for country’s conglomerates such as the Adani Group, Tata Group, Larsen & Toubro Ltd. and Mahindra Group.
India’s heavy dependence on imports for defense requirements has not only constrained country’s strategic autonomy but also limited its economic potential, said Adani, who’s also the chief executive officer of Adani Ports and Special Economic Zone Ltd.
The manufacturing facility, that is expected to create over 4,000 jobs, aims to produce 2,00,000 rounds annually of large caliber artillery and tank ammunition by 2025, and five million rounds of medium caliber ammunition a year later. It’ll also be capable of making short-range and long-range missiles.
Adani defence already manufactures drones, anti-drone systems and small arms including light machine guns, assault rifles and pistols, according to the company’s website.
