Maritime exercise Ayutthaya is conducted between the navies of India and Thailand. This exercise is an important event in the bilateral defense cooperation between the two countries. Let's break down the answer into headings and key points to provide a detailed explanation:

Maritime Exercise Ayutthaya:
- Maritime Exercise Ayutthaya is a naval exercise conducted between the navies of India and Thailand.
- It is named after the ancient capital of Thailand, Ayutthaya, which holds historical significance for the country.

Objective of the Exercise:
- The exercise aims to enhance interoperability and strengthen the defense cooperation between the Indian and Thai navies.
- It provides an opportunity for the two navies to exchange knowledge, share best practices, and learn from each other's experiences.
- The exercise also helps in developing mutual understanding and trust between the two countries.

Focus Areas:
- The exercise focuses on various aspects of maritime operations, including anti-piracy measures, maritime security, communication procedures, and search and rescue operations.
- It also includes joint maneuvers, tactical exercises, and simulations to improve coordination and operational capabilities.

Significance of India-Thailand Defense Cooperation:
- India and Thailand share a long history of cultural, economic, and defense ties.
- Both countries have been engaging in various defense cooperation activities, including joint military exercises, to enhance their strategic partnership.
- The maritime exercise Ayutthaya is a testament to the growing defense cooperation between India and Thailand.

Benefits of the Exercise:
- The exercise promotes regional stability and security in the Indo-Pacific region.
- It helps in building trust and confidence between the navies of India and Thailand.
- The exercise also contributes to the overall maritime security and safety in the region.

In conclusion, the maritime exercise Ayutthaya is conducted between the navies of India and Thailand. The exercise aims to enhance interoperability, strengthen defense cooperation, and promote regional security in the Indo-Pacific region.