Defense Stocks in focus: New deal with Russia? Secret meeting of Indian companies including Adani and Bharat Forge:

News Topical, Digital Desk : At least half a dozen senior officials from India's top defense manufacturers attended meetings in Russia this year, details of which have now emerged. Representatives from major companies like Adani Defence and Bharat Forge are also reported to have visited Russia. This is believed to be the first major visit by the Indian defense industry since the outbreak of the Ukraine war in 2022. India is now attempting to transform old defense relationships into a new model—joint development and co-production.

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These meetings took place on October 29-30, when India's Defense Production Secretary, Sanjiv Kumar, arrived in Russia with a large government delegation.

This visit was actually part of preparations for Russian President Vladimir Putin's visit to India in December. This was the first time since the war that so many prominent Indian defense industry leaders visited Russia. What was discussed at the meeting ? According to sources, the focus of the discussions was on three major issues: manufacturing spare parts for MiG-29 fighter jets and other Russian weapons in India, Russia's proposal to set up production units within India using Russian technology, and establishing units from which equipment could be exported to Russia.

Stock market today live update: The biggest decision of the year will be announced today, but the stock markets are currently experiencing a sharp panic and decline. India has long relied on Russian weapons. Even today, approximately 36% of the Indian Army's weapons are of Russian origin. In such a situation, India wants to move beyond the old model and give a new direction to joint research, development, and co-production so that the country can accelerate self-reliant defense manufacturing.

Who was present? Sources indicate that the meeting included representatives not only from major companies, but also from defense startups, drone technology companies, and AI-based military system developers. According to two sources, a senior official from Bharat Forge (Kalyani Group) was present. Their focus was on: - Joint development of Russian tank and aircraft parts - Possibility of future collaboration in helicopter programs - Adani Defence CEO Ashish Rajvanshi is said to be present. Additionally, a representative from the Society of Indian Defence Manufacturers (SIDM), a group with over 500 defense companies, was also present. There is also a risk for India : Western countries have clearly stated that India's deep defense partnership with Russia poses a "technology transfer risk." This means that the more partnerships with Russia, the more difficult it will be for the US or Europe to provide sensitive weapons technology to India. Furthermore, Indian companies are now wary of the risk of secondary sanctions when entering into new deals with Russia. Amid the Russia-Ukraine war, there's a constant fear of Western sanctions for any misstep.

What's next? During Putin's visit to India, the two countries had already announced that the partnership would focus on joint R&D and co-production. But the big question for many industry players is: will greater engagement with Russia slow down India's Western weapons programs?