Top

3F Group enters aerospace biz

3F Group enters aerospace biz
x
Highlights

3F Advanced Systems, the newly-created division of the city-based 3F Group, said it signed a memorandum of understanding (MoU) with Europe’s SaaB-UMS to showcase Skeldar V-200 VTOL (vertical take-off and launch), a remotely piloted aerial system, at Bengaluru on February 14 in the presence of Prime Minister Narendra Modi, Defence Minister and others. The event marks 3F Group’s foray into aerospac

Hyderabad: 3F Advanced Systems, the newly-created division of the city-based 3F Group, said it signed a memorandum of understanding (MoU) with Europe’s SaaB-UMS to showcase Skeldar V-200 VTOL (vertical take-off and launch), a remotely piloted aerial system, at Bengaluru on February 14 in the presence of Prime Minister Narendra Modi, Defence Minister and others. The event marks 3F Group’s foray into aerospace and defence segment.

The unmanned aerial vehicle which is first of its kind in the country will help the armed forces in border surveillance and on special operations in controlling extremist elements, disaster management, etc. “The 3F Group intends to invest Rs 500 crore over the next five years and will mobilise resources through internal accruals and debt finance,” Ashiis Goenka, Managing Director, 3F Advanced Systems, said in a statement. The venture will create 200 highly-skilled jobs over a period of time, he added.

3F Advanced Systems will mostly focus on detection and protection systems. Apart from SaaB-UMS, the company also signed agreement with an Israeli company for armoured systems which would help in the lives of armed forces and police personnel. The $600-million 3F Group has its manufacturing and business operations spread across India, Sri Lanka, Africa, Australia and South East Asia. The group has a joint venture with a Japanese company and is currently setting up one of the Asia’s largest food processing units in the city.

Show Full Article
Print Article
Subscribed Failed...
Subscribed Successfully...
Next Story
More Stories