ADVERTISEMENT
In a significant boost to India's defence capabilities, the Defence Acquisition Council (DAC) under the Ministry of Defence has accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to ₹1.05 lakh crore through indigenous sourcing.
AoNs were accorded for the procurement of armoured recovery vehicles, an electronic warfare system, an integrated common inventory management system for the tri-services, and surface-to-air missiles.
These procurements will provide higher mobility, effective air defence, better supply chain management, and augment the operational preparedness of the armed forces.
AoNs were also accorded for the procurement of moored mines, mine countermeasure vessels, a super rapid gun mount, and submersible autonomous vessels. These procurements will enable the mitigation of potential risks posed to naval and merchant vessels.
August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.
In a boost to indigenous design and development, AoNs were accorded under the "Buy (Indian-Indigenously Designed, Developed and Manufactured)" category.
DAC in March 2025 had also approved 10 capital acquisition proposals worth ₹1.45 lakh crore to enhance defence preparedness. The list includes Future Ready Combat Vehicles (FRCV) for the Indian Army; air defence fire control radars and Do-228 aircraft for the Air Force; and next-generation fast patrol and offshore patrol vessels for the Indian Navy. Of the total Acceptance of Necessity (AoN), 99% will be procured locally under “Buy (Indian) and Buy (Indian-Indigenously Designed, Developed and Manufactured)” categories.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.