India cancels $500 million defence deal, says Israeli arms firm Rafael - News Summed Up

India cancels $500 million defence deal, says Israeli arms firm Rafael


The cancellation of defence deal comes days before Benjamin Netanyahu’s four-day visit to India starting 14 January and is likely to be taken up for discussion. “Rafael has now received an official notification from India’s ministry of defence concerning the cancellation of the Spike deal,” Ishai David, a spokesman for the Rafael Advance Defence Systems Ltd, told PTI in Jerusalem. The cancellation comes days before Netanyahu’s four-day visit to India starting 14 January and is likely to be taken up for discussion. As per the original proposal, India had planned to acquire the ATGMs for the Army at a cost of $500 million. The Indian defence ministry has been strongly pushing for transfer of technology in procuring various weapons and other platforms from foreign defence majors as part of its broad policy initiative to encourage domestic defence industry.


Source: Mint January 03, 2018 11:15 UTC


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