Paramount Group to invest $1 billion in defense industry of Azerbaijan and India

South Africa’s Paramount Group is targeting India and Azerbaijan to boost its manufacturing capacity and reach $1 billion turnover by 2015, its chief executive said on Monday. Paramount Chief Executive Ivor Ichikowitz told Reuters on the sidelines of the Africa aerospace and defense exhibition that his company sees India as a huge market and at the moment they are working closely with Indian bus and truck maker Ashok Leyland to determine market potential. Paramount Group also recently established a manufacturing plant in Azerbaijan.

"We have in fact established a manufacturing plant which is up and running, making two variants of our mine protected armored personnel carriers, primarily for peace-keeping operations and for border patrol," said Ichikowitz.

The plant currently makes between five to seven vehicles a month, but could ramp up significantly, said Ichikowitz.


/AzerTAc/