The Defence Acquisition Council or the DAC, headed by defence minister Nirmala Sitharaman, on Saturday cleared the acquisition of military hardware for the Indian army and navy worth around Rs 46,000 crore.

GK Pillai, MD & CEO of Walchandnagar Industries, spoke to CNBC-TV18 about the approval.

“As far as the overall project is concerned, it’s about Rs 21,000 crore which has been estimates,” said Pillai.

Talking further about the project, he said, “A timeline, what I think, with the order finalization between any of these strategic partners will take about 12 months.”

On the business front, he said the company was on track to achieve Rs 500 crore topline in FY19.