New Delhi, Aug 28 (IBNS) India has signed a Memorandum of Understanding (MoU) for a joint venture for indigenous production of Smerch Rockets with Russia.
"Ordnance Factory Board (OFB) signed a Memorandum of Understanding for a Joint Venture with M/s Rosoboronexport, Russia and M/s Splav “SPA”, Russia to manufacture five versions of Smerch Rockets based on the technology received from Russia," said the Defence Ministry in a statement on Tuesday.
The Smerch Rockets are technologically superior having a range of 70-80- kms.
"With formation of this Joint Venture, a new Chapter in the Indo-Russian Friendship will commence," said the ministry.
The MoU, duly approved by Defence Minister AK Antony, was signed by three parties on Monday in New Delhi.
"After indigenizing the technology of Smerch Rockets, OFB will attain new heights in manufacturing of advanced Rocket system," said the ministry.