Bharat Forge, Elbit Systems in JV for artillery systems
Automotive component maker Bharat Forge and Elbit Systems Land and C41 Ltd, a subsidiary of Israel defense contractor Elbit Systems, have entered into a joint venture pact for artillery systems in India.
February 07, 2013 / 16:30 IST
Moneycontrol Bureau
Automotive component maker Bharat Forge and Elbit Systems Land and C41 Ltd, a subsidiary of Israel defence contractor Elbit Systems, have entered into a joint venture pact for artillery systems in India.The joint venture company would aim at orders from the ministry of defence and other potential Indian government customers for artillery and mortar systems, the Kalyani Group owned Bharat Forge said on Thursday. "The strategic cooperation between Elbit Systems and Bharat Forge and specifically the joint venture company will address Indian defence requirements with operationally proven systems from Elbit Systems that have been customized and adapted for Indian conditions and manufactured at the world class manufacturing facility for end-to-end solutions for artillery systems and armoured vehicle upgrades established by Bharat Forge recently in India," said Baba Kalyani, CMD. Subject to requisite government and regulatory approvals, the JV will offer solutions in artillery guns and mortars based on Elbit's advanced products like Athos 155/52 towed gun system and the Atmos 155/52 mounted gun system.The financial terms and conditions of the deal were not disclosed by the two companies.Bharat Forge shares were up 1.5 percent at Rs 227.25 on NSE in morning trade. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
