Article Posted on : - Aug 26, 2012

NEW DELHI (PTI): Swedish defence major Saab has signed a MoU for strategic investment in Indian company Pipavav Defence and Offshore Engineering.

These agreements are part of Saab's strategy to increase its presence in an important and large market and offer business possibilities for several parts of the organisation, the company said in a release.

"The companies have signed a Technical Partnership Agreement, which is a continuation of an ongoing co-operation between the two parties and covers details about the format for further co-operation and relevant projects," it said.

"Saab has a long-term strategy to grow in India and this new agreement is one important step in that direction," President and CEO of Saab Hakan Buskhe said.

Pipavav is one of the major Indian private sector companies in the naval sector.

The two companies had earlier jointly formed the Combat System Engineering group, which analyses naval combat system design and architecture. The companies are also exploring next generation combat management systems for the Indian Navy and Coast Guard, the release said.