TRENTON, N.J.--(BUSINESS WIRE)--Coracias, LLC, a global consulting and technology services company, has announced that it will focus $100 million to establish a network between the United States and India thereby facilitating the transformation of the Asian defense sector.
The company’s expertise and funding will clear the technology obstructions and pave the way for a new effort that will enable India to establish a hub for providing critical technologies for defense applications as well as increase business opportunity for U.S. companies.
“The Coracias team has a single-minded mission to develop front-line defense technologies and solutions in India for both the home market and export from the country, “said Dr. V.D. Dhaduk, a prominent Non-Resident Indian neurologist. “With collaboration among national laboratories, credible academic institutions and industry in India, we can create a formidable platform and competitive advantages to absorb advanced technologies and deliver intellectual property.”
In July, the government of India approved an increase in the Foreign Direct Investment limit in the defense sector to 49% opening the market for multinational companies and reviving domestic manufacturing. The increased FDI limit is part of 10-point list of priorities established by India Prime Minister Narendra Modi’s new administration that also includes a focus on infrastructure, economic growth, job creation, and improved inter-ministerial co-ordination.
“Most of the technologies our efforts will include have applications in other sectors, too, such as aviation, transportation, and medical spinoffs,“ said Dr. Dhaduk.
Defense spending in India will increase considerably over the next 10 years and provide opportunity to overseas technology providers. Defense spending is at $39 billion and increasing at the rate of 12% annually.
According to Dr. Dhaduk, a talent pool for leading educational institutions will be involved to ensure concurrent nurturing of top engineers and scientists in these technologies that will provide seamless technology absorption, harnessing and innovation.
“The control of certain elements of defense technology-generation and production capacity operating inside India by non-Indian investors, whether financial or corporate, may present problems, “said Dr. Dhaduk. “NRIs are duty-bound to make FDI in defense.”
About Coracias, LLC
Coracias is a privately owned company founded in 2014 that is focusing on technology ventures with applications in defense and non-defense products. Coracias has access to network of resources in India and will be developing collaborations with US technology companies to meet the increased demand in the Indian defense sector using in-house technology expertise and project management.