NEW DELHI — India's Kalyani group and Israel's Rafael Advanced Defence Systems have struck a joint venture to develop high-end technologies and weapon systems, according to a Rafael statement.

The joint venture, whose name has not been released, will be 51 percent owned by Kalyani and 49 percent by Rafael. It represents the first such major teaming since the Indian government raised the ceiling on direct foreign investment in defense companies in July.

An executive of Bharat Forge, (cq), the flagship company owned by the Kalyani group, declined refused to give the size of the equity capital but said it will be announced as and whenthey get orders from defense contracts are received.

"This (JV) will include a wide range of technologies and systems, like Missile Technology, Remote Weapon Systems and Advanced Armour Solutions," the release says.

In the release, Yadida Yaari, a retired Israeli vice admiral and CEO of Rafael, says, is quoted by the release as saying "We see Kalyani Group as an ideal partner for expanding our business opportunities in India. We have supported and will continue to support the Indian Ministry of Defence in gaining technological superiority to technological excellence. Rafael is well aware of the 'Make in India' policy, and the JV with Kalyani Group is a firm commitment in that direction."

In 2013, Bharat Forge struck a joint venture with Elbit Systems of Israel, when BF Elbit Advanced Ltd., which the new joint venture proposed to develop, assemble and manufacture defense systems, particularly artillery and guns, mortar gun systems and ammunition.

Email: vraghuvanshi@defensenews.com.

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