Saudi-based Nadrah Trading Company, a subsidiary of Al Nasiriah Holding Group, has signed an agreement valued at over SAR1 billion ($266 million) with Munitions India Limited (MIL), a company owned by the Indian Ministry of Defence, for enhancing cooperation and promoting the exchange of expertise between the two sides within the kingdom.
As per the deal signed during the World Defense Show (WDS) 2024 in Riyadh, the duo will help set up a state-of-the-art nanotechnology factory in the kingdom and also facilitate supply and localising of ammunition in the kingdom.
Headquartered in Pune, India, it was established in 2021 as part of the restructuring and corporatisation of the Ordnance Factory Board into seven different Public Sector Undertakings.
Munitions India primarily manufactures ammunition, explosives, rockets and bombs for the use of the Indian Armed Forces, foreign militaries and domestic civilian use.
This collaboration aims to increase investment volume and quality to support the objectives of Saudi Vision 2030, said Mohamed Abdul Kareem Hassan, the CEO of Nadrah company, after signing the deal with Ravi Kant, Chairman and Managing Director of MIL.
Additionally, it seeks to enhance cooperation and promote the exchange of expertise between the two sides within the kingdom, he added.
The signing ceremony was attended by Ahmad Abdulaziz Al Ohali, Governor of the General Authority for Military Industries (GAMI); Ajay Bhatt, India’s Minister of State for Defence and Tourism; and Faisal bin Saad, the CEO of Al Nasiriah Holding Group as well as other senior officials.-TradeArabia News Service