NIBE Signs Letter of Intent with South Korean Defence Company HBE to Establish  Joint Venture

Date:

New Delhi: NIBE Ltd has signed a Letter of Intent (LOI) with HBE, a South Korean defence company, to establish a joint venture (JV) in India focused on manufacturing defence and aerospace products. This agreement was announced on November 7, 2024, and outlines that NIBE will hold a 51% stake in the JV, while HBE will own 49%.

The JV aims to set up forging facilities in India to produce components for the defence and aerospace sectors, which is a significant step in enhancing local manufacturing capabilities. The LOI is non-binding and contingent upon due diligence, regulatory approvals, and the finalization of a definitive agreement. This initiative aligns with India’s broader strategy to bolster indigenous defence manufacturing capabilities, contributing to the Make in India initiative.

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In conjunction with this LOI, NIBE has also entered into a term sheet with Sig Sauer, a prominent American firearms manufacturer. This partnership will similarly focus on producing military and law enforcement products for Indian security forces, structured under the same 51:49 shareholding arrangement.

These strategic moves highlight NIBE’s commitment to expanding its footprint in the defence sector while fostering international collaborations to enhance India’s self-reliance in defence technology.

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