Russian President Vladimir Putin has decided to rationalize and consolidate the defense industry by establishing large holding companies in the sector, the Kremlin said Thursday.
Putin signed a decree "to ensure concentration and rationalization of the defense industry," the Kremlin press office said in a statement.
The decree called for lifting current legal restrictions so as to establish large holding companies in the defense industry, it added.
Fifty-one percent of shares in the future holding companies would be held by the Russian federation, it said.
That would strengthen the role of the state in managing companies within the defence industry, and create a favorable climate for state orders and export contracts, said Ria-Novosti news agency.
Russia expects to export arms worth four million dollars (4.8 million euros) this year -- MOSCOW (AFP)
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