Nibe Ordnance Forms Joint Venture with Premier Explosives to Boost Defense Production

Nibe Ordnance and Maritime Limited collaborates with Premier Explosives Limited in a joint venture to enhance India's defense manufacturing capabilities. The partnership aims to develop and supply advanced ammunition and aerospace products, positioning India as a leader in self-reliant defense technologies.

Nibe Ordnance and Maritime Limited has officially signed a Memorandum of Understanding with Premier Explosives Limited, embarking on a significant joint venture aimed at developing, manufacturing, and supplying a range of defense products, including ammunition and aerospace materials.

Announced via the Bombay Stock Exchange, the venture will take the form of a Public Limited Company, with Nibe Ordnance controlling a 51 percent stake and Premier Explosives holding 49 percent. The companies plan to finalize agreements and establish the Joint Venture after comprehensive negotiations.

Ganesh Nibe, Chairman of Nibe Industries Limited, highlighted the strategic importance of this partnership in enhancing India's defense sector. By leveraging advanced technology and scaling up production, the joint venture intends to fulfill both domestic and global demands, thereby reinforcing India's position as a self-reliant powerhouse in the defense industry.

(With inputs from agencies.)