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India plans to raise foreign ownership in military ventures

Draft Defence Production Policy seeks to turn India into production hub

Indian government is seeking to transform the defense sector with share sales of several state-owned defense companies, including Hindustan Aeronautics.   © Reuters

NEW DELHI (NewsRise)--India plans to let overseas companies own bigger stakes in defense joint ventures in a renewed push to draw more foreign investment and turn into a global production hub for military hardware.

The world's largest arms importer also plans to encourage greater private sector participation in its defense industry, dominated by state-run companies and plagued by long delays in product development.

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