Diversified conglomerate Punj Lloyd and Israel Weapon Industries (IWI) inaugurated the country’s first private sector small arms manufacturing plant at Malanpur in Madhya Pradesh on 4 May 2017.
The inauguration was attended by personnel from the Indian Armed Forces, State Police, Coastguard, Paramilitary, and dignitaries from the Indian Administrative Service. The joint venture company, Punj Lloyd Raksha Systems (PLR) will be manufacturing small arms for the Indian Defence Forces and also for export.
We are indeed fortunate to have in Punj Lloyd a reliable and knowledgeable partner. Through this collaboration, we offer the combination of battle proven combat technology of IWI and the proficiency of a renowned Indian business partner
said Samy Katsav chairman of SK Group.
The equity in the joint venture is split 51:49, with the Indian company holding the larger stake under the Indian Foreign Direct Investment rules. The Punj Lloyd Raksha Systems (PLR) is positioned to manufacture the complete range of IWI products, including Tavor, X95 (already in use of Indian special forces) and Galil ACE assault rifles, Negev light machine guns and Uzi PRO submachine guns.
This is the first opportunity for the country to get its own ‘Made in India’ small arms. The need of the hour is to replace the country’s defence weapons with sophisticated and high precision products and Punj Lloyd Raksha Systems is the answer to the country’s immediate need.
added Atul Punj, Punj Lloyd Chairman.