The Indian government plans to spend around $100 billion till 2012 to buy defense equipment, including multi-crore fighter aircraft. An offset clause included will assure that $30 billion of the total amount spent will benefit the Indian companies that will supply parts to the defense sector.
While Rs.8,000 crore worth of defense contracts have already been signed over the last two years under the offset policy, around Rs.1,30,000 crore of contracts are expected to be opened up in the next few years. Sensing this huge opportunity, several auto component manufacturing companies, including Sona Koyo, Maini Precision Products, MRF Tyres, Minda Group, Sundaram Fastners, Tata Advanced Systems, Lumax, JBM Auto, Bharat Forge and Amtek Auto are venturing into defense bandwagon in the aviation sector . Several global companies are also looking to forge ties with Indian suppliers.
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