Pipavav Shipyard signs MoU with Sweden's SAAB Dynamics

MUMBAI: Integrated ship-building facility Pipavav Shipyard today said it has signed an agreement with SAAB Dynamics AB, part of Sweden's Wallenberg Group, to tap opportunities in India's defence segment.

"We are enthused to be chosen by SAAB Dynamics AB as their Indian co-production and strategic partner to tap the opportunities in the Army, Navy and Air force segments," Pipavav Shipyard Chairman Nikhil Gandhi said in a statement here.

He said through this partnership the company will have access to the Wallenberg Group's technology for products in the defence and aerospace sectors.

"With this engagement, we will now be able to cater to the entire gamut of the defense services sector, which we expect should augment performance going forward," he said.

SAAB is a global leader for products, services and solutions from military defence to civil security and its current markets are spread across Europe, South Africa, Australia and the US.

The Swedish company has operations in five business areas like aeronautics, dynamics, electronic defence systems, security and defence solutions and support and services.