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Mumbai (Maharashtra) [India], July 29 (ANI): The Power Transmission &amp; Distribution (<keyword id="21574285" type="General" weightage="20" keywordseo="PTD" source="keywords">PT&amp;D</keyword>) business of <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="153" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> (<keyword id="19963313" type="General" weightage="100" keywordseo="LT" source="keywords">L&amp;T</keyword>) has secured new orders both domestically and internationally for the construction of substations and <keyword id="21017821" type="General" weightage="20" keywordseo="transmission-lines" source="keywords">transmission lines</keyword>. According to an exchange filing, these projects are integral to the vast, interconnected electricity network, aiming to accelerate the <keyword id="20596535" type="General" weightage="20" keywordseo="clean-energy-transition" source="keywords">clean energy transition</keyword> and ensure a reliable, resilient power supply. In India, L&amp;T's PT&amp;D has been entrusted with two 765kV double circuit transmission line projects. These projects are vital for the evacuation of power from the Jaisalmer/Barmer <keyword id="21873922" type="General" weightage="20" keywordseo="Renewable-Energy-Zone" source="keywords">Renewable Energy Zone</keyword> in Rajasthan, channelling it to substations in Madhya Pradesh for further distribution. This initiative is a step towards harnessing and utilising renewable energy resources efficiently within the country. On the international front, Saudi Arabia continues its pursuit of sustainable and efficient power supply by bolstering its 380kV network in the central region. L&amp;T's PT&amp;D has secured orders to construct a 380kV substation and 380kV overhead line segments. These developments are crucial for enhancing the region's <keyword id="21644086" type="General" weightage="20" keywordseo="electricity-infrastructure" source="keywords">electricity infrastructure</keyword> and ensuring a stable power supply. In the United Arab Emirates, L&amp;T's PT&amp;D has been awarded contracts to build a 220kV substation and three 132kV substations. These substations will be pivotal in meeting the growing electricity demand in Dubai and Abu Dhabi, supporting the utilities in maintaining a robust and reliable power network. Larsen &amp; Toubro, a USD 27 billion Indian multinational, is a prominent player in EPC projects, hi-tech manufacturing, and services with a global footprint. Renowned for its customer-focused approach and relentless pursuit of top-quality standards, L&amp;T has maintained leadership in its major business domains for over eight decades. The recent orders won by L&amp;T's PT&amp;D fall under the 'Large' category, with values ranging from Rs 2,500 to Rs 5,000 crore.

L&T wins multiple orders worth Rs 2500 to 5000 crore to build grids for clean energy transition

Mumbai, Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="Ashok-Leyland" source="Orion">Ashok Leyland</keyword> on Monday said it has bagged orders worth Rs 800 crore from the Indian Army. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6), Ashok Leyland said in a statement. "We have secured these orders from the Indian Army. The Defence business has been a strong pillar of growth for us, and this win further establishes our leadership in Defence mobility vehicles business," said Shenu Agarwal, Managing Director and Chief Executive Officer at Ashok Leyland. The vehicles will be delivered over the next 12 months to meet the requirements of the Indian Army, the company said. The FAT 4x4 and GTV 6x6 are specialised vehicles employed by the artillery for towing light and medium guns, respectively, according to the company. "Ashok Leyland's dependable mobility solutions have consistently remained a formidable asset within the defense sector, catering to the diverse needs of personnel and logistics across the armed forces," said Amandeep Singh, President for Defence Business at Ashok Leyland. Ashok Leyland has invested in development of mobility platforms ranging from 4x4, 6x6, 8x8, 10x10 &amp; 12x12 for various applications and operational requirements of the Indian Armed Forces, he stated. These platforms are indigenously designed, developed and manufactured by Ashok Leyland and contribute significantly towards import substitution, according to the company.

Ashok Leyland bags orders worth Rs 800 crore from Indian Army

Jetpack suit, displayed at the Aero India Show 2023, manufactured by a Bengaluru-based startup has caught the attention for its uniqueness and is in the reckoning for the contract by the armed forces. According to sources, Indian armed forces are all set to test the suit manufactured by this <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> startup which will enable soldiers to fly like birds and carry out missions in March. The Indian armed forces have placed <keyword id="13878805" type="General" weightage="80" keywordseo="a-request-for-proposal" source="Orion">a Request for Proposal</keyword> (RFP) for procurement of 48 jet suits on trial basis. If they pass the test, the <keyword id="15350" type="General" weightage="100" keywordseo="army" source="Orion">Army</keyword> would initiate large scale procurement, the sources said. Manufactured by Absolute Composite Private Limited, based in Bengaluru, the jetpack suit has used five engines, including the turbo engine at the back. The suit weighs three kilograms and can fly 80 kilogram weighing soldiers. It has the capability to fly 10 kilometers in 10 minutes. The research is continuing on gaining more fuel efficiency in terms of mileage. It is expected to be handy in Army operations in impassable and inaccessible landscapes and can be handy in times of natural calamities, landslides, fire emergencies, and building collapse. It could be used as a drone, helicopter to cross rivers, or broken bridges. As per the company, the jet suit has 70 per cent indigenised components and efforts are on for total indigenised content. It is powered by a gas turbine and can lift a soldier up to a height of 10 to 15 meters with a top speed of 50 kilometre per hour. <keyword id="836947" type="General" weightage="50" keywordseo="raghav-reddy" source="Orion">Raghav Reddy</keyword>, Managing Director of <keyword id="16537322" type="General" weightage="50" keywordseo="absolute-composites" source="Orion">Absolute Composites</keyword>, stated that it is the most compact flying machine that has ever been built. It has taken two years of time to manufacture the product. The wearable jetpack consists of a backpack with diesel tank, electronics. The tank capacity is 30 liters and it is configurable. "We had not pitched into the armed forces. There was a Request For <keyword id="6374727" type="General" weightage="80" keywordseo="proposal" source="Orion">Proposal</keyword> (RFP) from the Army. We have responded and demonstrations are due coming next week and we are planning to go and demonstrate to them. If we qualify, take their requirements and we may have an opportunity to supply. We are excited about it," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-film-industry-lost-24-million-moviegoers-to-the-pandemic-ormax/articleshow/97918537.cms">Indian film industry lost 24 million moviegoers to the pandemic: Ormax</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-says-he-hired-a-dog-to-replace-him-as-twitter-ceo/articleshow/97943251.cms">Elon Musk says he hired a dog to replace him as Twitter CEO</a>

At Aero India 2023, Indian Army to test jetpack suit created by a Bengaluru startup

<ul class="summary-list"><li>A retired <keyword id="11898822" type="UNKNOWN" weightage="60" keywordseo="army" source="Orion">army</keyword> general was suspended from his contract position after he mocked <keyword id="11937546" type="UNKNOWN" weightage="60" keywordseo="jill-biden" source="Orion">Jill Biden</keyword>.</li><li>The first lady tweeted that women have the "right to make our own decisions."</li></ul>A retired army general was suspended from his federal contract position after he appeared to mock First Lady Jill Biden's support of <keyword id="11901426" type="UNKNOWN" weightage="60" keywordseo="abortion" source="Orion">abortion</keyword> rights with a transphobic dig."For nearly 50 years, women have had the right to make our own decisions about our bodies. Today, that right was stolen from us," Biden <a href="https://twitter.com/FLOTUS/status/1540434135650639877?s=20&amp;t=YUf6vDqLm5vgoJ5ub2nLTw">tweeted</a> on June 24, when the <a href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">Supreme Court revoked</a> the federal right to an abortion."Tomorrow, we will continue to fight — for our daughters and granddaughters, and for ourselves — until all women can decide our own futures once again," Biden added in another <a href="https://twitter.com/FLOTUS/status/1540434306518106114?s=20&amp;t=YUf6vDqLm5vgoJ5ub2nLTw">tweet</a>. Retired Lt. Gen. Gary Volesky responded: "Glad to see you finally know what a woman is."The tweet is no longer available on Volesky's account, per <a href="https://www.theguardian.com/us-news/2022/jul/09/jill-biden-us-army-general-consultant-suspended?CMP=share_btn_tw">The Guardian.</a> Volesky, a three-star general, had been serving as a "senior mentor" at the Pentagon making $92 per hour when he responded to a tweet from the First Lady on abortion, <a href="https://www.usatoday.com/story/news/politics/2022/07/09/army-suspends-retired-general-contract-tweet-jill-biden/7756968001/?gnt-cfr=1">USA Today</a> first reported. The tweet appeared to also be a jab at the Biden administration's advocacy for <keyword id="12778475" type="UNKNOWN" weightage="60" keywordseo="transgender-rights" source="Orion">transgender rights</keyword>. The administration recently proposed <a href="https://www.reuters.com/world/us/biden-administration-proposes-title-ix-protections-transgender-students-2022-06-23/">expanding Title IX protections</a> against sex discrimination to include transgender students. An investigation is underway to determine whether Volesky violated decorum rules for retired officers, an Army spokesperson told The Guardian.An Army spokesperson did not immediately respond to Insider's request for comment on Saturday.

A retired army general was suspended from his federal contract position after he mocked Jill Biden's statement on abortion rights

<ul><li><keyword id="4610420" type="General" weightage="80" keywordseo="garuda-aerospace" source="Orion">Garuda Aerospace</keyword> announced the launch of a new camera drone named <keyword id="15210165" type="General" weightage="100" keywordseo="droni" source="Orion">Droni</keyword>, in partnership with its investor and brand ambassador, <keyword id="6354832" type="General" weightage="80" keywordseo="ms-dhoni" source="Orion">MS Dhoni</keyword>. </li><li>The new drone is aimed at consumers and fit for surveillance purposes, the company said, noting that it will be available for purchase towards the end of 2022. </li><li>It also announced the launch of <keyword id="13082809" type="General" weightage="50" keywordseo="kisan-drone" source="Orion">Kisan Drone</keyword> aimed at farmers who want to spray pesticides. </li></ul>Former India cricket captain <keyword id="10138" type="General" weightage="50" keywordseo="mahendra-singh-dhoni" source="Orion">Mahendra Singh Dhoni</keyword> has partnered with Garuda Aerospace, a Chennai-based drone company to launch a new camera drone – called Droni – aimed at consumers. The new drone from Garuda that is banking on <keyword id="6397" type="General" weightage="80" keywordseo="dhoni" source="Orion">Dhoni</keyword>’s name sports a quadcopter design, useful for surveillance and will be available for purchase towards the end of 2022. The company has not revealed any details about its features or price yet. Apart from Droni, Garuda Aerospace also announced another drone aimed at farmers. Named Kisan Drone, it is a battery-powered device that can spray pesticides over a 30-acre land area per day. “Our Droni drone is indigenous and can be used for different surveillance purposes. It is efficient, seamless and high quality from a tech and build standpoint,” the company’s founder and CEO Agnishwar Jayaprakash said, without divulging the specifications of the product. It is worth noting that Dhoni is also an investor in the company, and its brand ambassador. Besides these two drones, Garuda Aerospace has several others already available for purchase, with each one of them aimed at addressing different needs like surveillance, mapping, solar panel cleaning, agricultural seeding, and an inspection drone – which is in use in Telangana. Garuda Aerospace has partnerships and contracts worth $1.2 billion and its clients include the <keyword id="6354416" type="General" weightage="50" keywordseo="indian-army" source="Orion">Indian Army</keyword>, MapyMyIndia and Swiggy, among others. Founded in 2015, the company was reported to be raising $30 million in Series A funding in June this year at a valuation of $250 million. Besides Dhoni, it counts Canada-based investment firm Ocgrow Ventures amongst its investors. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms">Telecom sector to ring in stability in Q2 – Jio and Airtel expected to grow stronger, Vi weaker</a> <a href="https://www.businessinsider.in/finance/news/paytm-reports-an-increase-of-over-21-in-average-loan-ticket-size/articleshow/94753614.cms">Paytm reports an increase of over 21% in average loan ticket size</a> <a href="https://www.businessinsider.in/finance/banks/news/banks-to-reap-rewards-of-interest-rate-hikes-in-q2-earnings/articleshow/94706875.cms">Banks to reap rewards of interest rate hikes in Q2 earnings</a>

MS Dhoni launches camera drone Droni in partnership with Garuda Aerospace

<ul class="summary-list"><li>Indian and Nepalese men are being coerced into fighting for Russia against Ukraine, a report said.</li><li>The men were apparently deceived by fake job ads and forced to sign military contracts.</li></ul>Countless Indian and Nepalese men have been forced into joining <a target="_blank" href="https://www.businessinsider.com/russia-democracy-the-best-kremlin-against-all-evidence-navalny-2024-3?r=US&amp;IR=T">Russia</a> in its fight against Ukraine, according to multiple reports.At least 20 Indian men were reported by <a target="_blank" href="https://www.telegraph.co.uk/world-news/2024/03/02/india-ukraine-war-uae-job-dubai-fight/">The Telegraph</a> as being trapped on the front lines after being tricked with the false promise of job opportunities.But the total number could be much higher, according to <a target="_blank" href="https://www.theguardian.com/world/2024/mar/07/he-had-no-idea-he-was-being-sent-to-a-war-zone-the-indian-and-nepalese-men-on-frontlines-in-ukraine">The Guardian,</a> which noted that some estimates are in the hundreds.Indian and Nepalese men told The Guardian that they had been pressured into signing military contracts written in Russian and that they couldn't leave because their passports had been taken.<div type="image" title="Russian soldier" height="1369" width="1825" msid="108307053" hostid="261" sizebytes="155988"></div>The family of Hemil Mangukiya, a 23-year-old from the Indian state of Gujarat, spoke of the confusion and fear their son felt after being tricked onto the <a target="_blank" href="https://www.businessinsider.com/ukraine-military-avdiivka-struggles-with-underprepared-defensive-lines-2024-3?r=US&amp;IR=T">front lines</a>.Mangukiya traveled to Russia last December after watching a recruitment video on YouTube, The Guardian reported. He believed he was going to work in security — but when he arrived, he was taken to a military training camp and then to the front lines.He died in a missile strike in Ukraine in late February, his family said.Mangukiya's father, Ashwin, told The Guardian that the family is "devasted" and that they are "still trying to get back his dead body."At least 26 Indian men have been tricked by recruitment videos by the YouTube channel Baba Vlogs, run by the Dubai-based Indian recruiter Faisal Khan, The Guardian said.The channel falsely advertised military helper jobs that would not involve fighting on the front lines.Khan told The Guardian that he had been "misled" by a Russian intermediary about the position and said he had "no idea they would be sent to a war zone.""We are trying to get these people out of there now," he said.Similar tactics have been used on Nepalese citizens. Speaking to The Guardian from an army hospital in Russia, Nandaram Pun, from the Rolpa district in Nepal, said that he had been offered a job in Germany and was told to go to Russia as a transit stop.But like many others, he said he was taken to a military camp shortly after arriving in Moscow. He was later sent to Bakhmut in Ukraine, where he became injured in a drone attack."We had no idea about the drone attacks. My legs, thighs and right hand were hit by shrapnel," he said. "I don't want to be cured, because if they think I am better, then they will send me back to war again."Pun said he had attempted to contact the Nepalese authorities in the hope of being rescued, but he had received no help.<h2>India and Nepal's reactions have been completely different</h2>The apparent coercive tactics used by Russia are significant, not just for those involved, but for Russia's respective relations with India and Nepal.While Nepal has historically had a <a target="_blank" href="https://mofa.gov.np/nepal-russia-relations/">friendly relationship</a> with Russia, the government has pushed back against its citizens being recruited.<div type="image" title="Russian Prime Minister Vladimir Putin meets with Nepal's then-Prime Minister Madhav Kumar Nepal in 2010" height="1380" width="1840" msid="108307228" hostid="261" sizebytes="193640"></div>In December, a spokesperson for the Nepal government said in a statement that it had requested the Russian government to "immediately return" the bodies of six Nepalese nationals killed in the war and pay compensation to their families, <a target="_blank" href="https://www.reuters.com/world/nepal-urges-russia-not-recruit-its-citizens-into-army-says-six-killed-2023-12-05/">Reuters reported</a>.In February, the government <a target="_blank" href="https://www.theguardian.com/world/2024/jan/05/nepal-bans-citizens-from-working-in-russia-or-ukraine-after-deaths-in-military">barred citizens</a> from working in Russia or Ukraine after the death toll increased to 12, and countless others were reported missing from the front lines.A spokesperson for Nepal's Ministry of Foreign Affairs told The Guardian they were working "constantly" to bring its citizens home.While the exact number of Nepalese people still fighting in Russia is not known, the spokesperson said 245 families had filed petitions claiming that they had a relative trapped in the army, while five others have been recorded as prisoners of war by Ukraine.India's reactions to the situation appeared to be less confrontational.<div type="image" title="Russian President Vladimir Putin and Indian Prime Minister Narendra Modi in 2016" height="1324" width="1765" msid="108307232" hostid="261" sizebytes="136954"></div>"We are aware that a few Indian nationals have signed up for support jobs with the Russian army," a spokesperson for the Indian Government said in a <a target="_blank" href="https://www.mea.gov.in/response-to-queries.htm?dtl/37653/Official_Spokespersons_response_to_media_queries_regarding_Indians_caught_in_conflict_in_Russia">statement</a> on February 23."The Indian Embassy has regularly taken up this matter with the relevant Russian authorities for their early discharge."The spokesperson urged all Indian nationals to "exercise due caution and stay away from this conflict," but did not make an official ban.India's relationship with Russia has only appeared to strengthen since the invasion of Ukraine, as it did not join the EU, the US, and other Western countries in imposing sanctions.The leaders of the two countries have also made public exchanges during this period. Most recently, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin had a phone call in January, where they discussed "the situation in Ukraine," <a target="_blank" href="https://www.reuters.com/world/putin-indias-modi-discuss-ukraine-wish-each-other-well-elections-kremlin-2024-01-15/">Reuters </a>reported.Representatives for the Russian army, the Indian government, and the Nepalese government did not immediately respond to requests for comment.

Indian and Nepalese men say they were tricked into fighting for Russia in Ukraine and can't return home

<ul><li>The government began the selection process for the next Chief of Army Staff, as <keyword id="3969981" type="PERSON" weightage="20" keywordseo="General-Bipin-Rawat">General Bipin Rawat</keyword> is set to superannuate in December 2019. </li><li>Eastern Army Commander <keyword id="6889732" type="UNKNOWN" weightage="20" keywordseo="lt-gen-mukund-naravane">Lt Gen Mukund Naravane</keyword> and Northern Army Commander Lt Gen Ranbir Singh are in the list of five senior officers under consideration. </li><li>Lt Gen Naravane will be the senior most officer in the <keyword id="6354416" type="ORGANIZATION" weightage="20" keywordseo="Indian-Army">Indian Army</keyword> once General Rawat’s term ends. </li></ul>The government has started the process to select the next Chief of Army Staff as General Bipin Rawat will retire superannuate in December this year. The government is considering five officers in the army for the job, <a href="https://economictimes.indiatimes.com/news/defence/vetting-process-for-next-army-chief-begins/articleshow/69951737.cms">as per reports</a> The Eastern Army Commander Lt. Gen. Mukund Naravane is the senior most officer in the race. He is considered top contender for the job as he was given <a href="https://nenow.in/north-east-news/navarane-slated-take-eastern-command-seen-next-army-chief.html">charge of the Eastern Army</a>, in September 2018. An alumnus of the National Defence Academy, Khadakwasla and the Indian Military Academy, Dehradun, Naravane was commissioned into the 7th battalion The Sikh Light Infantry in 1980. Counter insurgency specialist Well known as a counter insurgency specialist in the Army, Naravane, in his 37 years of service has served in many Command and Staff appointments, in Jammu &amp; Kashmir and Northeast. He was also a part of the Indian Peace Keeping Force (IPFK) in Sri Lanka. Naravane’s shift to the Eastern Army came at a crucial time when insurgents were <a href="https://www.theweek.in/news/india/2018/10/01/naravane-takes-charge-of-eastern-command-as-army-faces-credibility-crisis.html">reportedly</a> regrouping in neighbouring Myanmar. He was given the charge probably because Naravane was the Inspector General of Assam Rifles (North) in Nagaland --- which looks after the Indo-Myanmar border. He had also commanded the eastern brigade of the infantry. Naravane commanding the Eastern Command became more significant because he commanded the Strikes Corps of the Indian Army and was the <keyword id="32733" type="PERSON" weightage="20" keywordseo="Indian-Defence">Indian Defence</keyword> Attache in Myanmar. He was the General Officer Commanding-in-Chief of the Army <keyword id="695871" type="ORGANIZATION" weightage="20" keywordseo="Training-Command">Training Command</keyword> prior to heading the Eastern Command. The General has served as an instructor at the Army War College, Mhow. He was decorated with the Param Vishisht Seva Medal in 2019, Ati Vishisht Seva Medal in 2017, and the Sena Medal and Vishisht Seva Medal in 2015. The General holds a Masters Degree in Defence Studies from Chennai University, an M.Phil in Defence and Management Studies from DAVV, Indore. He is currently pursuing his Ph.D. from Punjabi University, Patiala.

The hunt for India's new army chief is on-- here's a profile of the senior-most contender

Bengaluru, April 1 (IANS) Public sector Hindustan Aeronautics Limited (<keyword id="68124" type="General" weightage="100" keywordseo="hal" source="Orion">HAL</keyword>) has reported its highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ending on March 31. Compared to the previous year's revenues of Rs 22,755 crore, the company has registered a 6 per cent revenue growth. "Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year," said R. Madhavan, CMD, HAL. The second wave of Covid-19 had compelled the company to declare a phased lockdown at various divisions during April and May 2021. The employees had put in additional hours in June and July 2021 to compensate for the loss of man hours due to the lockdown. Further, based on the improved financial performance and cash flow position, the <keyword id="13520461" type="General" weightage="50" keywordseo="credit-rating-agencies-care-ratings" source="Orion">Credit Rating Agencies CARE Ratings</keyword> and <keyword id="1990286" type="General" weightage="50" keywordseo="icra-limited" source="Orion">ICRA Limited</keyword> have upgraded the Company's credit rating from AA+ Stable to AAA/Stable during the financial year. HAL achieved record revenues through production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft / helicopters and 478 engines, a statement from HAL noted. Recently, HAL has bagged a contract for production of 15 Light Combat Helicopters (<keyword id="157962" type="General" weightage="50" keywordseo="lch" source="Orion">LCH</keyword>), 10 for <keyword id="6355075" type="General" weightage="50" keywordseo="iaf" source="Orion">IAF</keyword> and five for the <keyword id="6354416" type="General" weightage="50" keywordseo="indian-army" source="Orion">Indian Army</keyword> at a cost of Rs 3,887 crore along with Infrastructure sanctions worth Rs 377 crore. Considering the improved financial performance during the financial year, HAL paid an interim dividend of Rs 40 per share representing 400 per cent on the face value of Rs 10 per share during FY 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-byjus-and-unacademy-vedantu-is-looking-at-offline-centers/articleshow/90584769.cms">Exclusive: After Byju’s and Unacademy, Vedantu is looking to start offline centres</a>

HAL records its highest ever revenue of ₹24,000 crore in FY 2021-22

<ul><li>The <keyword id="152819" type="ORGANIZATION" weightage="20" keywordseo="Defence-Research-and-Development-Organisation">Defence Research and Development Organisation</keyword> (<keyword id="6355142" type="DEFINITION" weightage="20" keywordseo="DRDO">DRDO</keyword>) will no longer require ‘performance security’ for any new development contracts. </li><li>The move will further remove the red tape between the industry and the government and hopefully incentivise participation, according to the Ministry of Defence (MoD).</li><li>However, a Performance cum Warranty Bond will still be required from successful development partners to cover DRDO’s interest during the warranty period.</li></ul>India’s Defence Minister <keyword id="6355121" type="UNKNOWN" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> approved Defence Research and Development Organisation (DRDO) waiving the requirement of ‘performance security’ for development contracts under its helm as a move to incentivise the private sector’s participation. The same will also be true for the Indian Navy’s Advanced Vessel Project (<a href="https://economictimes.indiatimes.com/news/defence/russia-offers-to-jointly-design-build-submarines/articleshow/64877908.cms?from=mdr">ATVP</a>) to design and construct a submarine with Russia. The new submarines will be customised to Indian systems, including the Brahmos missile. “This provision will be applicable to all RFPs (requests for procurement) issues in respect of develo contracts after the date of issue of this amendment that is 23 September 2020,” said the Ministry of Defence (<a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1658680">MoD</a>) in a statement. All existing development contracts, where the RFP has already been issued, will continue to be regulated as per the provisions outlined in the contract. What is performance security? Performance security is one of the requirements for obtaining a Letter of Credit (LC) from the bank — an undertaking given by it on behalf of the buyer to pay the seller. It is one of the banking instruments to facilitate foreign payments, according to the DRDO’s <a href="https://www.drdo.gov.in/sites/default/files/procurement-manuals-document/procurement-manual-2016.pdf">procurement manual.</a> What is a development contract? "Developmental contract is concluded for the development of an item as per given design and specifications by DRDO for producing a specified quantity by the selected development partner," outlines DRDO's manual. These contracts may subsequently lead to production contracts with unit production cost worked out based on successful completion of the contract. Should that be the case, DRDO will then require a Performance cum Warranty Bond. In issuing this, the seller is promising performance of the contract till the warranty period. It usually pegged at 5% to 10% of the total contract value. For Indian partners, the Performance cum Warranty Bond may be accepted in the form of a bank draft, fixed deposit receipt, banker’s cheque or a bank guarantee. For foreign bidders, it may be accepted in the form of a bank guarantee or 'stand-by' LC. Chairman DRDO Satheesh Reddy stated that it is another important milestone to support Industry. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">Over 20 HAL choppers are ready for winter along the India-China border, but the Indian Army is facing a carbine shortage</a> <a href="https://www.businessinsider.in/defense/news/china-has-hardened-its-stance-experts-decode-the-india-china-joint-statement-on-border-tensions/articleshow/78270081.cms">China has hardened its stance — experts decode the India-China joint statement on border tensions</a> <a href="https://www.businessinsider.in/defense/news/china-is-reportedly-expanding-and-upgrading-a-large-number-of-military-facilities-along-the-border-with-india/articleshow/78258521.cms">China is reportedly expanding and upgrading a large number of military facilities along the border with India</a>

DRDO waives 'performance security' for development contracts as an incentive for the private sector

The UAE-based small arms manufacturer <keyword id="1291912" type="CITY" weightage="20" keywordseo="caracal">Caracal</keyword> on Monday stated they are committed to the '<keyword id="6354869" type="PERSON" weightage="20" keywordseo="make-in-India">Make in India</keyword>' initiative to fast-track the supply of 93,895 <keyword id="9974832" type="UNKNOWN" weightage="20" keywordseo="car-816-assault-rifles">CAR 816 assault rifles</keyword>. The company was selected by the Indian Ministry of Defence in 2018 to supply assault rifles to <keyword id="6354416" type="ORGANIZATION" weightage="20" keywordseo="Indian-Army">Indian Army</keyword>. Caracal stated that they have already identified the required land, facility and local partners to be able to commence production immediately. Over 20 per cent of the components fitted on the CAR 816 are already made in India, with Caracal now making a commitment to fully manufacture the rifles in-country, in alignment with the 'Make in India' initiative. The initiative will also see Caracal oversee technology transfer. The company stated that they have already surpassed global competitors in terms of performance and technicalities to win the bid two years ago, and now confirms its readiness to service the fast track order from India within 12 months. <keyword id="9974830" type="UNKNOWN" weightage="20" keywordseo="hamad-al-ameri">Hamad Al Ameri</keyword>, Chief Executive Officer, Caracal, said: "Caracal was awarded the Close-Quarter Carbine contract in 2018 to supply the Indian Army with the CAR 816, after having undergone a rigorous selection process." He further stated that having agreed to fast track the supply, and with the formalities still under discussion, they would like to reiterate their commitment to the ï¿½Make in India' initiative. "With strong bilateral ties between our two nations, and with India being a key market for Caracal, we remain on standby to supply the product to the customer upon instruction." The CAR 816 carbines are intended to replace the Indian Army's current 9mm Sterling carbines, with the CAR 816 boasting higher bullet velocity and reduced weight compared to the Sterling carbines. The assault rifle has secured a number of contracts from customers across the Middle East, Europe, and Asia, and has been adapted to suit the Indian Army's needs, incorporating the latest technological advances. Caracal is part of the missiles and weapons cluster within EDGE, an advanced technology group for defence and beyond, and has wholly-owned subsidiaries in Germany and the US. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter action</a>

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