The company will become India’s first 100% FDI investment in the Defence Manufacturing Sector after the Union government made policy changes.
New Delhi, NFAPost: The MET City, a wholly-owned subsidiary of Reliance Industries Limited, will house Sweedish Defence conglomerate Saab’s first manufacturing facility of the famous Carl-Gustaf Weapon System in India.
It is a significant development for India to become Aatmanirbhar in defence manufacturing as this will be India’s first 100% FDI in defence, thus starting a new chapter in making India self-reliant in key defence technologies. Saab has a wide array of defence products and their relationship with India is not new.
This signing of the agreement between the two companies and subsequent ‘Ground Breaking’ by Saab FFVO India to start construction of the plant in Haryana also marks a new addition of the Defence sector to the already existing wide array of sectors operating from Reliance MET City, opening doors to new and expanding opportunities.
Reliance MET City already hosts companies from 9 different countries in various sectors. As one of the rapidly expanding business hubs in North India, it stands out as a preferred destination for industries across defence, engineering, electronics, auto components, medical devices FMCG, footwear, plastics, consumer products, and many others.
It is one of India’s largest IGBC Platinum Rated Integrated Smart City and stands as the sole Japan Industrial Township (JIT) in Haryana, accommodating 6 Japanese companies from electronics to auto-components to medical devices sectors. The project also has 6 companies from South Korea and multiple companies from Europe, including Sweden.
Saab India Technologies Chairman & Managing Director and Member of the BoD of Saab FFVO India Mats Palmberg said the company is deeply honoured to be the first global defence company to secure approval for 100% foreign direct investment in India.
“Partnering with Reliance MET City to establish our manufacturing plant in India underscores our strong commitment to the Make in India initiative and our close collaboration with the Indian Defence Forces. We chose Reliance MET City due to its strategic location, well developed infrastructure and availability of trained manpower,” said Saab India Technologies Chairman & Managing Director and Member of the BoD of Saab FFVO India Mats Palmberg.
MET City CEO & Whole Time Director S V Goyal said MET City is thrilled to welcome Saab to Reliance MET City, marking a significant milestone in our journey of inviting key global companies to the facility.
MET City CEO & Whole Time Director S V Goyal
“Saab as India’s first 100% FDI approved defence manufacturer will not only strengthen our resolve for delivering best-in-class infrastructure but will also establish MET City as a preferred location for doing business for global companies,” said MET City CEO & Whole Time Director S V Goyal.
With its Plug-n-Play infrastructure, IGBC Platinum rated certification and companies hailing from 9 different countries, MET City CEO & Whole Time Director S V Goyal said MET City has emerged as a premier business destination of India attracting companies from diverse sectors.
“It is a pioneering project in sustainable development, with over Rs. 8,000 Crore investment already committed. Presently, MET City holds licenses for over 2200 acres, and the project has already provided employment to more than 40,000 individuals,” said MET City CEO & Whole Time Director S V Goyal.
MET City Vice President and Business Development Head Vaibhav Mittal said the company is very excited to have a global defence manufacturer like Saab at MET City.
“This shows are unwavering commitment to encourage global companies to invest in India and in Haryana. With this MET City will now be visible across the globe as a key location for defence manufacturing thus paving way for overall growth of the region. As India becomes self-reliant in defence technologies, this plant will go a long way in being a pioneer for many others to follow,” said MET City Vice President and Business Development Head Vaibhav Mittal.
About Model Economic Township Limited (METL)
MET City (METL) is a 100% subsidiary of Reliance Industries Limited, which is developing a world class Greenfield Smart city on over 8,000 acres’ land in the district of Jhajjar near Gurugram in the state of Haryana. More than 480 companies including some of the best national and international corporates have set up their bases in MET City due to its world – class plug-n-play infrastructure and its strategic location with excellent connectivity to the National Capital Region.
The project has already seen completion of trunk infrastructure comprising of power infrastructure including 220 KV substation developed by MET City, water treatment plant, water distribution network, wide road network and extensive landscaping.
The project has emerged as a key driver of economic growth in the state and the region. It currently provides direct employment to over 40,000 individuals across 49 operational companies and more than 128 companies under construction and counting.
As one of the largest Platinum-rated sustainable green projects, MET City is well on its path to becoming one of the largest projects for employment generation and investment promotion in India. The consistent growth in employment figures reflects the city’s dynamic role in shaping the economic landscape of the region.
About Saab
Saab is a leading defence and security company with an enduring mission, to help nations keep their people and society safe. Empowered by its 22,000 talented people, Saab constantly pushes the boundaries of technology to create a safer and more sustainable world.
Saab designs, manufactures and maintains advanced systems in aeronautics, weapons, command and control, sensors and underwater systems. Saab is headquartered in Sweden. It has major operations all over the world and is part of the domestic defence capability of several nations.
