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Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence In this issue Editorial 03 Select news items 05 Regulatory 29 Direct tax 32 Indirect tax 40 Transfer pricing 41 Glossary 43 Contact us 44 2 PwC Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Select news items Regulatory Direct tax Indirect tax Transfer pricing Glossary Contact us Editorial Dear readers, It gives me immense pleasure to present crore INR. An area that has been a point airlines is concerned, particularly when the 35th edition of ‘Cutting Edge’, PwC of discussion and concern, which was also the government is looking to disinvest. India’s Aerospace and Defence newsletter. raised before the DAC, was the significant The 49% cap includes both direct and Over the last few months there have been delays in the issuance of industrial licences indirect investment by foreign airlines and important developments on the policy for defence manufacturing. The MoD is comes with the condition that substantial front. There has been significant progress considering establishing a system under ownership and control of Air India shall in the implementation the SP policy. which a timeframe will be set for issuing rest in the hands of Indian nationals. The After the first approved project under security clearances by the MHA. This DGCA has released the draft guidelines for this category for six advanced stealth move will not only help Indian companies the use of UAVs/RPAS for civil usage. The Dhiraj Mathur submarines (P-75I) at a cost of around but also foreign players who are trying to ministry has posted these guidelines on its Partner and Leader, 60,000 crore INR, an RFI has been establish manufacturing set-ups in India, website and has sought comments from Aerospace and Defence issued for: in accordance with the Government’s the industry. Further, the guidelines for ‘Make in India’ initiative. drones, which were issued last year, have • Manufacturing 1,770 FRCVs to replace yet not been finalised. These guidelines the ageing T-72 tanks used by the Policy changes have been recorded in the address issues such as drone weight, flying Indian Army aviation sector too. The Union Cabinet restrictions, licensing requirements, pilot has allowed up to 49% FDI under the • Procuring 123 NMRHs training and drone traffic management government approval route in Air India—a • Procuring 111 armed NUHs systems. This is a much-awaited policy move that will allow foreign carriers change as the absence of guidelines A step that has been much appreciated to bid for national carriers but with an is resulting in complete prohibition of by the industry is the approval of a Indian partner. This is an important FDI commercial usage of drones. Moreover, the procurement project under the Buy (India change which has come into effect at promulgation of these guidelines will help – IDDM) category. The project involves the the time of the privatisation of Air India. both regulators and operators gain clarity procurement of over 260 BEL SDR sets for Further, it puts Air India at par with other on the prerequisites for operating drones. naval communication at a cost of over 490 Indian carriers as far as FDI by foreign 3 PwC Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Select news items Regulatory Direct tax Indirect tax Transfer pricing Glossary Contact us Editorial In accordance with the government’s intention to privatise public sector entities, bids have been invited from both national and foreign private companies to acquire a 51% stake, along with management control, in the helicopter service operator PHL. PHL is under the administrative control of the MoCA and its remaining 49% stake is held by ONGC. This is another step towards the government’s recurrent efforts to divest from public sector entities and increase revenues to meet their fiscal targets. I invite you to review our newsletter dedicated to A&D. I thank all our esteemed clients for their continued support and trust in PwC. Your feedback, trust and support are important and we look forward to the same. Sincerely, Dhiraj Mathur Partner and Leader Aerospace and Defence 4 PwC Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Editorial Regulatory Direct tax Indirect tax Transfer pricing Glossary Contact us Select news items FDI policy further liberalized in key sectors: Cabinet India to purchase anti-tank missiles from Israel through approves amendments in FDI policy-Civil Aviation govt-to-govt deal As per the extant policy, foreign airlines are allowed to invest under India will purchase Spike Anti-Tank Guided Missile (ATGM) from Israel Government approval route in the capital of Indian companies operating through the so-called government to government (G to G) route because scheduled and non-scheduled air transport services, up to the limit of the military wants the proven weapon, and the Defence Research and 49% of their paid-up capital. However, this provision was presently Development Organization (DRDO) has no objections to the deal as long not applicable to Air India, thereby implying that foreign airlines could as it does not involve transfer of technology (TOT). Last month after much not invest in Air India. It has now been decided to do away with this deliberations, the defence ministry withdraw the Request for Proposals restriction and allow foreign airlines to invest up to 49% under approval (RFP) for 8,000 Israeli spike missiles, a deal that would have been worth route in Air India subject to the conditions that: $500 million, after DRDO developed the indigenous Nag ATGM with seeker software and said it was against any TOT from Rafael Advanced • Foreign investment(s) in Air India including that of foreign Airline(s) Systems, the Israeli company that makes the Spike missile. shall not exceed 49% either directly or indirectly • Substantial ownership and effective control of Air India shall continue to be vested in Indian National. Source: http://www.hindustantimes.com/india-news/india-to-purchase- anti-tank-missiles-from-israel-through-govt-to-govt-deal/story- C0TQXzxqXHqcAm8ckghPkI.html Source: http://pib.nic.in/newsite/PrintRelease.aspx?relid=175501 5 PwC Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Editorial Regulatory Direct tax Indirect tax Transfer pricing Glossary Contact us Select news items Setback for Indian Navy: Rs 32,000 crore project to build Garden Reach Shipyard using carbon fibre to 12 minesweepers scrapped, says report build warships A Rs 32,000-crore project to indigenously build 12 minesweepers at Garden Reach Shipbuilders and Engineers (GRSE), under the Ministry the Goa Shipyard Ltd (GSL) in collaboration with South Korean firm of Defence, which recently completed major modernisation of its Kangnam Corporation has reportedly just fallen through, dealing a major infrastructure facility and has doubled its capacity, has become the first blow to the government’s Make in India mission. According to sources Indian shipyard to build warships using carbon fibre composite material. cited by The Times of India, this decision was taken by Union Minister The Kolkata-based shipyard has incorporated this technology in its for Defence Nirmala Sitharaman. “Goa Shipyard has been asked to issue ongoing project of third and fourth ASW (Anti-Submarine Warfare) a new global expression of interest for the mine counter-measure vessels Corvettes being built for the Indian Navy. The carbon fibre material, (MCMVs). The fresh RFP (request for proposal) or tender will follow imported from Swedish stockyard Kockumo, is reportedly lighter than thereafter,” quoted the daily. With this, the Indian Navy’s nearly decade- stainless steel, which is traditionally used to construct warships. old quest for new minesweepers, desperately needed to beef up security along its long coastline, has been pushed back even further. Source: http://www.indiandefensenews.in/2017/10/garden-reach-shipyard-using- carbon.html?utm_source=feedburner&utm_medium=email&utm_ campaign=Feed%3A+indiandefensenews%2FiIJx+%28Indian+Defence+News%29l Source: http://www.businesstoday.in/current/deals/indian-navy-rs-32000-make- in-india-12-minesweepers-scrapped/story/267526.html 6 PwC Cutting Edge: Aerospace and Defence Cutting Edge: Aerospace and Defence Editorial Regulatory Direct tax Indirect tax Transfer pricing Glossary Contact us Select news items Government approves sale of 10% stake in HAL HAL looks to start production of HTT-40 trainer aircraft in December The government has approved the sale of 10% stake in Hindustan The HTT-40 basic trainer developed indigenously is heading for critical Aeronautics Limited (HAL), a defence Public Sector Undertaking. As part trials in October, with plans for the production line to start before the of the procedure, HAL had initiated the process of initial public offering end of this year. The indigenous HTT-40 trainer – which is critical for the with the filing of the Draft Red Herrring Prospectus (DRHP) with market air force’s pilot training program – is likely to undergo stall and spin tests regulator Securities and Exchange Board of India “This was a major shortly that will test its ability to recover from a potentially devastating milestone towards listing of the defence PSU which is slated for partial situation. The tests are critical to prove the stability and utility of the HTT- disinvestment by the Government of India. 40 to train young pilots in handling aircraft before they move on to the more advanced aircraft. The HTT-40 has already undergone wind tunnel testing in France and is undergoing minor modifications to prepare it for Source: http://www.indiandefensenews.in/2017/10/government-approves- the tests. Stall and spin tests are potentially lethal for test pilots and need sale-of-10-stake-in.html?utm_source=feedburner&utm_medium=email&utm_ campaign=Feed%3A+indiandefensenews%2FiIJx+%28Indian+Defence+News%29 to be programmed and planned minutely.
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