Adani, Mahindra, HAL in Indian Defence Industry Delegation to Philippines

India has offered a soft loan to the Philippines to enable it to procure Indian military hardware
  • bureau
  • 06:56 AM, February 19, 2024
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Adani, Mahindra, HAL in Indian Defence Industry Delegation to Philippines
Philippines plans to step up defense procurement under Horizon 3 plan

The Indian government has dispatched a delegation of 18 companies, including major players like Adani, Mahindra, and Hindustan Aeronautics Limited (HAL), to Manila with the aim of showcasing their military technologies and exploring potential defence industry partnerships with the Philippines.

India is offering a soft loan to support the Philippines in defence modernization, provided by the Export-Import Bank of India (EXIM Bank) with a concessional interest rate of 1.75 percent, a 20-year tenor, and a five-year moratorium.

The Indian Embassy-led defence industry seminar held in Makati City witnessed presentations from these Indian companies, covering a spectrum of defence exports ranging from aircraft, drones, helicopters to artificial intelligence-based technologies. Indian Ambassador to the Philippines, Shambhu Kumaran, highlighted the pragmatic aspect of considering India as an option for defence collaborations, given the resource constraints faced by both nations in balancing national security and development priorities, Philippines News Agency reported

The delegation featured companies such as DCM Shriram Industries Ltd, Bharat Dynamics Limited, Mahindra Emirates Vehicle Armouring FZ LLC, MKU Limited, and Adani Defence Systems and Technologies Limited.

Ambassador Kumaran expressed hope that India could play a role in the Armed Forces of the Philippines' third phase of modernization, citing the successful deal on the BrahMos cruise missile system. He outlined India's diverse capabilities in naval systems, fighter aircraft, helicopters, attack helicopters, land systems, and artillery systems, aligning with the requirements of the Philippines' Horizon 3 modernization plan scheduled from 2023 to 2028.

"As two democracies, India and the Philippines have to work together to create a regional and global environment that allows us to address the fundamental requirements of our two nations," stated Kumaran.

The defence and security interactions between India and the Philippines have seen an upward trend in recent years, with a bilateral meeting in 2023 focusing on upgrading official level interactions, expanding joint exercises on maritime security, and collaborating on disaster response efforts.

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