Indian Arms Giants Eye Russia: Adani Defence, Bharat Forge Explore High-Stakes JVs

At least half a dozen executives from leading Indian defence firms, including Adani Defence and Bharat Forge, attended rare meetings in Russia this year to explore potential joint ventures, according to three sources familiar with the matter.

The meetings marked the first visit of India’s defence business leaders to Moscow since Russia’s 2022 invasion of Ukraine. The delegation’s visit had not previously been reported. The Indian government is seeking to pivot decades-old defence ties with Russia towards joint weapons development.

Potential Western Technology Implications

Any collaboration with Russia carries potential risks for Indian firms’ plans to jointly develop Western defence equipment. Prime Minister Narendra Modi has been pushing to position India, one of the world’s largest arms importers, as a global manufacturing hub.

Western diplomats have previously cited India’s extensive defence ties with Russia, approximately 36 per cent of Indian military equipment is of Russian origin, as a key obstacle to the transfer of sensitive military technology.

Context of the Moscow Meetings

The talks were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, led by India’s Defence Production Secretary Sanjeev Kumar. The visit aimed to set the stage for Russian President Vladimir Putin’s December 4-5 visit to India.

Spokespeople for the Adani Group and Bharat Forge denied their executives attended the meetings. India’s defence ministry and other cited firms did not respond to requests for comment.

Joint Production Opportunities

Sources said discussions covered the potential manufacturing of spares for Mikoyan MiG-29 fighter jets, Russian-origin air defence systems, and other weapon systems. Russia reportedly proposed setting up production units in India for equipment that could also be exported back to Moscow.

“Russia has been India’s top arms supplier for decades. During Putin’s visit, the two sides agreed to reorient their partnership towards joint research, co-development, and co-production of advanced defence technology to support India’s self-reliance,” the sources said.

Indian Executives in Attendance

The delegation included representatives from conglomerates, state-owned firms, and startups involved in drones and military AI.

An executive from Bharat Forge, part of Kalyani Group, attended to discuss sourcing or joint development of components for Russian-origin tanks and aircraft, as well as potential helicopter collaborations.

Adani Defence and Aerospace was represented by CEO Ashish Rajvanshi, according to sources. Also present was a representative from the Society of Indian Defence Manufacturers, an advisory group of more than 500 defence equipment makers, including Tata Sons, Larsen & Toubro, and Bharat Electronics.

Risks of Sanctions

Reuters reported in 2024 that a Bharat Forge subsidiary exported artillery shells to Europe, some of which were diverted to Ukraine, prompting a diplomatic protest from Moscow.

Indian firms remain cautious about pursuing new deals with Russia due to potential secondary sanctions. “While India can offer some protection through diplomatic channels, firms will have to weigh political risks themselves,” said a senior defence official.