LINKOPING, Sweden, Aug. 24 (UPI) -- Swedish defense company Saab is strengthening its presence in India through a strategic investment in Pipavav Defense and Offshore Engineering Co Ltd.
A newly signed Memorandum of Understanding states that Saab will invest about $37.8 million in the coming months in the Indian company, which is a major entity in the country's naval sector and which seeks to expand into other areas.
Saab has a long-term strategy to grow in India and this new agreement is one important step in that direction," Saab officials said.
"This agreement has the potential of offering new business opportunities for Saab's naval offer and we welcome the possibilities this presents to further develop our offering to a global market."
The companies, which have a technical partnership agreement, earlier formed the Combat System Engineering group. The group analyses naval combat system design and architecture.
Saab said that with Pipavav it is exploring next-generation combat management systems for the Indian navy and coast guard.
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