Defence ministry invites bids for fututristic Infantry combat vehicles

News:

• The defence ministry has invited 10 companies to bid for a Rs 60,000-crore project to manufacture futuristic infantry combat vehicles (FICVs) in India.
• Several major players like Tata, Mahindra, Larsen and Toubro, Pipavav, Bharat Forge and Punj Lloyd have been asked by the defence ministry to submit their bids on the Expression of Interest (EOI) in partnership with foreign companies.
• The FICV project was planned years ago in the ‘buy and make’ (Indian) category of the Defence Procurement Procedure 2011.
• At least 50 per cent of the product was to be indigenous to qualify for 80 per cent government funding at the development stage.

Source: Defence News