GMR Airports and Terna Group signed a concession agreement for new airport in Greece

GMR, Terna sign concession agreement for new airport in Greece

The concession agreement is for design, construction, financing, operation and maintenance of new international airport of Heraklion at Crete, Greece.

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GMR InfrastructureNSE 1.55 % Friday said its subsidiary GMR Airports and its Greek partner Terna Group have signed a concession agreement for construction of the new international airport in Greece’s island Crete. The consortium intends to invest over EUR 500 million (approx Rs.4,034.28 crore) for development of the new airport, GMR Infrastructure said in a regulatory filing.

The concession agreement is for design, construction, financing, operation and maintenance of new internationa airport of Heraklion at Crete, Greece.

The concession period for the project is 35 years including phase 1 construction of five years, the company added.

GMR Infra said the entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Greece government.

“Debt is not required in this project,” the company added.

This is GMR Group’s first foray in the European Union (EU) region and the company said it is looking forward to expanding its footprint in the EU.

Shares of GMR Infra were trading 0.93% higher at Rs 16.25 apiece on BSE.

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Dynamatic Tech inks MoU with SAAB Technologies

Dynamatic Technologies rises 5% on signing MoU with SAAB Technologies

The share touched its 52-week high Rs.2,153.85 and 52-week low Rs.1,211 on 26 February, 2018 and 19 February, 2019, respectively.

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MoneyControl: Shares of Dynamatic Technologies rose 5.5% in the early trade on Friday as company signed a MoU with SAAB Technologies.

The company has signed a Memorandum of Understanding (MoU) with SAAB Technologies with an intent to explore future joint opportunities in commercial and defence related work, including Gripen fighter aircraft.

Recently, company signed a MoU with Joint-Stock Company (JSC) Russian Helicopters on Ka-226T Helicopter.

The share touched its 52-week high Rs.2,153.85 and 52-week low Rs.1,211 on 26 February, 2018 and 19 February, 2019, respectively.

Currently, it is trading 35.64 percent below its 52-week high and 14.47% above its 52-week low.

At 09:34 hrs Dynamatic Technologies was quoting at Rs.1,394.20, up Rs.47.85, or 3.55 percent on the BSE.

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BEL and JSR signs MoU to develop weapons and light weight cruise missiles

BEL signs MoU with JSR Dynamics; stock gains 1%

The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and light weight cruise missiles, which have business potential in both domestic and international markets.

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Navratna Defence PSU Bharat Electronics Ltd (BEL) has on February 20, 2019, signed an MoU with JSR Dynamics Pvt Ltd (JSR), a Nagpur-based start-up Company, at Aero India 2019 in Bengaluru.

The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and light weight cruise missiles, which have business potential in both the domestic and international markets. Anandi Ramalingam, Director (Mktg), BEL, and Air Marshal (Retd) S B Deo, Managing Director, JSR Dynamics Pvt Ltd, signed the MoU in the presence of M V Gowtama, CMD, BEL, Directors and other senior officers of BEL.

BEL has, as part of the Government of India’s Start-up India Initiative, been extending its support to start-up companies.

BEL also announced in a regulatory filing that it has received the highest credit rating. The outlook on the long-term rating is “Stable.” These ratings indicate the highest credit quality in the long- and short-term. The instruments rated in these categories carry the lowest credit risk in the long- and short-term.

Bharat Electronics Ltd is currently trading at Rs.78.45 up by Rs.1 or 1.29% from its previous closing of Rs.77.45 on the BSE.

The scrip opened at Rs.78.85 and has touched a high and low of Rs.79 and Rs.78.25 respectively. So far 33,45,738 (NSE+BSE) shares were traded on the counter.

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U.S. defence firm Lockheed unveils new F-21 fighter jet configured for India

U.S. defence firm Lockheed unveils new F-21 fighter jet configured for India

Reuters| Feb 20, 2019, 11.04 AM IST
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Visitors are seen walking over a road crossing covered with Lockheed Martin branding at Farnborough International Airshow in Farnborough, Britain, July 17, 2018

Lockheed Martin offered India a new combat jet, F-21, on Wednesday to be made locally, in a bid to win a large military order worth over $15 billion.

The U.S. defence firm had earlier offered its F-16 fighter used by countries around the world for the Indian air force’s ongoing competition for 114 planes to be made in India.

But Lockheed, unveiling the plan at an airshow in the southern city of Bengaluru, said it was offering India a new plane configured for its needs.

“The F-21 is different, inside and out,” Vivek Lall, vice president of Strategy and Business Development for Lockheed Martin Aeronautics, said in a statement.

The company will build the plane in collaboration with Tata Advanced Systems, the firm said.

Lockheed is competing with Boeing’s F/A-18, Saab’s Gripen, Dassault Aviation’s Rafale, the Eurofighter Typhoon and a Russian aircraft for the air force order.

Reporting by Sanjeev Miglani; Editing by Muralikumar Anantharaman

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Swedish defence firm Saab AB, proposes to make 96 Gripen jets in India

Saab proposes to make 96 Gripen jets in India to win Air Force deal

Saab is expected to face competition from rivals such as Boeing, Lockheed Martin, and Dassault Aviation to supply 110 fighter jets to the Indian Air Force

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The E version of the Swedish JAS 39 Gripen multirole fighter was rolled out at the SAAB in Linkoping, Sweden, May 18, 2016

BENGALURU (Reuters) – Swedish defence firm Saab AB, which is seeking to sell its Gripen fighter jets to the Indian Air Force, said on Tuesday it could offer to make most of them in a production facility likely to be set up in one of the southern cities.

Saab is expected to face competition from rivals such as Boeing Co, Lockheed Martin Corp and Dassault Aviation SA to supply about 110 fighter jets to the Air Force, in what could be a deal worth more than $15 billion.

As part of Prime Minister Narendra Modi’s ‘Make in India’ push, Saab is considering locally manufacturing 96 of the 114 jets it wants to sell to the country, the Stockholm-based company officials told reporters on the sidelines of a conference ahead of “Aero India 2019” in Bengaluru.

Saab has tied up with resources conglomerate Adani Group to sell the single-engine planes to fulfill the condition of bidders having an Indian partner to be considered for the order.

Any manufacturing facility in the country could also become an export hub, Saab’s Indian unit Chairman and Managing Director Ola Rignell told Reuters at the conference.

The cities of Bengaluru and Hyderabad would be the “natural choice” for any plant.

Reporting by Tanvi Mehta in Bengaluru

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