Deepak Parekh joins BAE Systems' India advisory board.
New Delhi, India ─ BAE Systems has appointed Deepak Parekh, Chairman of the Housing Development Finance Corporation (HDFC), India’s first and largest mortgage company, to its India Advisory Board. Mr 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 in September last year. These appointments further reflect the increasing strategic importance of India to BAE Systems as one of the company’s seven home markets.
In Parekh’s 30 years at HDFC it has become one of India’s premier financial institutions with over 30 million customers. A renowned Indian business personality and a specialist in the world of finance, Mr Parekh has also been a member of various committees of the Government of India, including the Investment Commission set up to analyse FDI policies. Mr. Parekh has also won several awards including Businessman of the Year and he was dubbed a 'Star of Asia' by Business Week.
Andrew Gallagher, Chief Executive and Managing Director 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.”
Mr Parekh has a number of roles in different organisations. He is on the board of Mahindra and Mahindra and at Hindustan Unilever, as well as being non-executive Chairman of the Indian operations of both GSK and Siemens.
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. 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. BAE Systems is honoured to have now appointed Deepak Parekh to the India Advisory Board, joining Ravi Bhargava, formerly CEO, and now Chairman, of Maruti Suzuki; and Naresh Chandra, formerly Ambassador of India to the United States, Cabinet Secretary, Senior Advisor to the Prime Minister, and Governor of Gujarat.
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.
Negotiations, led by industrial partner Hindustan Aeronautics, continue for a follow-on order of between 50 and 60 new Hawk advanced jet trainers, to be assembled under license in Bangalore and the company is actively supporting its partner EADS on the positioning of Typhoon to meet India’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. Activity to evaluate the potential for security and maritime sector capabilities to help support India’s defence modernisation and security programme are also underway.
