The commercial dynamics here seem obscure. Denel is ultimately a SA manufacturer of the products concerned.  Most such businesses, when seeking an export market will follow through various steps:
1. Travelling (but home-based) salesmen to drum up business.  Somewhat hit-and-miss in impact for large-scale contracts.
2. Strategically-placed commission-based agencies, with technical backup (when needed) from the manufacturer.  The agent is trusted to keep an ear open for possible contracts.
3. The establishment of a local sales office, owned by the principal. Only justifiable, once satisfactory business penetration is already established.
4. The establishment of local assembly / manufacturing centres.
The placement of Denel Asia and Denel India seems a premature attempt to dive straight in at the third stage without any preparation.  At present, the second is barely plausible as a business proposition.  As such, financial holdings and use of the company name seem questionable.