US-based defence major Lockheed Martin looks at increasing investment in India

VISAKHAPATNAM: US-based defence major Lockheed Martin today said it is encouraged about the recent liberalisation of India's FDI policy in the sector and is looking at increasing investments in the country.

Phil Shaw, chief executive, Lockheed Martin India, said the 'Make in India' initiative of the government would help in boosting manufacturing in the country.

"I think the opening of FDI in defence is encouraging and I think we will be able to do a lot more... We started in Hyderabad, we are looking at other parts of the country as well to invest," Shaw said at the CII Partnership Summit.

During his visit to the US in September, Prime Minister Narendra Modi had met top Chief Executives including, Lockheed Martin Chairman and CEO Marillyn Hewson.

The company already has manufacturing facilities near Hyderabad.

Shaw said that the company would be working with local partners as "we move forward here in India".

"We are an defence and aerospace company based out of the US... We are in India for a number of years now and for the last few years we begun manufacturing here," he said.

Talking about 'Make in India', he said the programme focuses on what more foreign companies can do in India.

He said that although the company has manufacturing facility in India "but that is kind of scratching the surface of what we could do here".

Headquartered in US, Lockheed Martin is a global security and aerospace company that employs approximately 1.26 lakh people worldwide.