L&T inks JV with Europe's MBDA to develop, supply missile system

Larsen & Toubro Ltd has struck a 51:49 joint venture with Europe's MBDA Missile Systems to develop and supply missiles and missile systems to the Indian armed forces.  
The joint venture company -- L&T MBDA Missile Systems Ltd -- will initially develop and supply fifth generation anti-tank guided missiles and missiles for Coastal Batteries and high speed target drones. 

The joint venture, announced today, is likely to be incorporated by March after necessary approvals. It will operate from a dedicated work centre, which will include pyrotechnical integration and final checkout facilities. 

MBDA is a three-way joint venture of European companies -- the Airbus Group, BAE Systems and Italy's Leonardo. Airbus owns 37.5 percent stake in MBDA, which claims to be the only European company to be able to provide missile and missile systems for all the three branches of the armed forces.