Opportunities for pvt sector in defence: Antony

Bangalore: Sky is the limit for the private sector in the country's defence sector as a result of the Government's 'offset' policy, according to the Defence Minister, Mr A.K. Antony.

Speaking to presspersons here on Saturday, he said: 'There are many opportunities for private and public sector companies participation in the defence sector.' Mr Antony was visiting the Bangalore complex of the public sector Hindustan Aeronautics Ltd.

According to the offset policy, any purchase from a foreign supplier over $70 million will require a reinvestment of 30 per cent of the total purchase amount in terms of components and services from India. Thanks to the opening up of the defence sector to foreign direct investment, international suppliers have already entered into joint ventures with defence organisations, he added.