Wednesday, April 20, 2011

LIG Nex1 submits bid to sell portable missiles to India

Source : yonhapnews

SEOUL, April 20 (Yonhap) -- LIG Nex1 Co., a South Korean weapons maker, has submitted a preliminary bid to sell portable anti-aircraft missiles to India, a military official said Wednesday."LIG Nex1 submitted a request for a proposal early this year to the Indian government to export the Shingung portable missiles," the official said on the condition of anonymity.India reportedly plans to buy portable anti-aircraft weapons worth 1.4 trillion won (US$1.28 billion) by 2014.The Shingung, which means "new bow and arrow" in Korean, was put into service in late 2005 by South Korea's Army. The shoulder-launched missile is capable of hitting targets as high as 3.5 kilometers with a speed of Mach 2.0 and a distance range of 7 km, military officials said.

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