Thaindian News

New Delhi, July 1 (IANS) BAE Systems has appointed Deepak Parekh, chairman of the Housing Development Finance Corporation (HDFC), to its India Advisory Board, reflecting the increasing strategic importance of this country as one of BAE Systems’ seven home markets, the company said Thursday.

Parekh joins two other highly accomplished leaders from the worlds of business and diplomacy, Ravi Bhargava and Naresh Chandra, who were appointed to the India Advisory Board last September.

Andrew Gallagher, chief executive and managing director of BAE Systems India, said: “Deepak is one of the foremost business leaders of his generation and his energy and enthusiasm are boundless. As BAE Systems strives to develop a long term domestic Indian business, strategic advice of the quality we get from Messrs Chandra, Bhargava, and now Parekh, is invaluable.”

“It’s a very strong team, and we are rightly proud to have attracted people of such calibre,” Gallagher added.

“The advisory board enhances the company’s ability to execute its home market strategy in India, building on the company’s long and successful history of working in India,” a company statement said.

“BAE Systems has identified independent advisory board members to advise the company, drawing on their exceptional insight, experience and understanding of national and regional issues,” the statement added.

“India is BAE Systems newest home market and the company is committed to a programme of investment and technology transfer in support of its strategy to become a major player in the Indian defence sector,” the statement said.

Negotiations, led by industrial partner Hindustan Aeronautics Limited, are continuing for a follow-on order of between 50 and 60 new BAE Hawk advanced jet trainers, to be assembled under licence in Bangalore.

BAE is actively supporting its partner EADS on the positioning of the Eurofighter Typhoon to meet the Indian Air Force’s multi-role combat aircraft requirement.

“A new joint venture with Mahindra & Mahindra, is now fully operational and pursuing several substantial business opportunities in the land sector, specifically for an indigenous mine protected vehicle and artillery systems,” the statement said.

“Activity to evaluate the potential for security and maritime sector capabilities to help support India’s defence modernisation and security programmes are also underway,” the statement added.

In Parekh’s 30 years at HDFC it has become one of India’s premier financial institutions with 30 million customers. A renowned Indian business personality and a specialist in the world of finance, Parekh has also been a member of various committees of the Government of India, including the Investment Commission set up to analyse FDI policies.

Ravi Bhargava, formerly the CEO is now chairman of Maruti Suzuki. Naresh Chandra, formerly the Indian ambassador to the US, has previously served as cabinet secretary, senior advisor to the prime minister and governor of Gujarat.