India Eyes 'Iron Dome Tech' As Part Of $10 Billion Defence Pact With Israel

In the backdrop of Prime Minister Narendra Modi's first visit to Israel in nine years, a mega defence between New Delhi and Tel Aviv is likely to be inked, including cooperation on the widely acclaimed iron dome technology.

The defence ties between both nations are expected to strengthen via pacts totalling $10 billion, reportedly involving Israeli government-owned entity partnering with India's Hindustan Aeronautics Limited (HAL) to convert six second-hand Boeing 767 passenger jets into military refuelling aircraft for the Indian Air Force (IAF).

Prime Minister Narendra Modi left for Israel on a two-day second state visit to Israel this morning. During this trip, the Prime Minister will hold discussions with his Israeli counterpart, Benjamin Netanyahu, address the Israeli parliament, Knesset, and interact with the Indian diaspora.

Ahead of his departure, PM Modi penned, "Ties have significantly strengthened in the last few years. I will be holding talks with PM Netanyahu, in which we will discuss ways to strengthen cooperation across diverse fields. I will also meet President Isaac Herzog, President of Israel.

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"This evening, I will be addressing the Israeli Parliament, Knesset. This is a tribute to the strong parliamentary and democratic ties that connect us. I will also interact with the Indian diaspora, who have made a big contribution in strengthening the India-Israel friendship."

Meanwhile, Israel reportedly offered share latest defence technologies with the south Asian nation, including hi-tech laser defence and other stand-off systems. Israel is expected to share all defence technologies, something it had not done in the past years.

The foundation for strengthening India-Israel defence ties was laid when Defence Secretary RK Singh’s visited Israel last November, during which an MoU was inked to expand defence partnership.

This comes after the first round FTA negotiations have begun taking place between India and Israel. 

On other hand, defence stocks in Indian stock market were trading in green buoyed by hopes pinned to an India-Israel defence pact.

The Nifty Defence index rose as much as 1.2%, supported by strong buying interest across key constituents.

Astra Microwave Products share price emerged as the top gainer, surging 5.7%, Mishra Dhatu Nigam, Bharat Forge, BEML and Bharat Electronics (BEL) shares, rose between 2% and 3% each during today's trading session.