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Bharat Forge to assume full control of missile making subsidiary KSSL

KSSL and Israeli defence technology company Rafael Advanced Systems are in a $100 million joint venture order to supply 1,000 Barak-8 MRSAM missiles’ kits to state-run Bharat Dynamics.

May 17, 2021 / 08:47 PM IST
 
 
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Bharat Forge will buy the remaining 49 percent stake in Kalyani Strategic Systems (KSSL) at Rs 32.97 crore to make it a fully-owned subsidiary, the Pune-based company disclosed in filings with the stock exchanges. The promoter and promoter group entities of Bharat Forge will off-load their shares in KSSL.

“Since KSSL holds industrial license under the Arms Act, 1959 read with the Arms Rules, 2016, the said acquisition of shares shall be subject to prior approval of Ministry of Home Affairs / Department for Promotion of Industry and Internal Trade”, Bharat Forge added.

KSSL is the holding company for the defence vertical of Bharat Forge Group. This acquisition shall result in making it the wholly-owned subsidiary of Bharat Forge which shall enable it to be eligible for participating in various defence programs, Bharat Forge added in the statement.

KSSL is engaged in the field of developing, deploying defence electronics, systems development, system integration for defence products and components.

KSSL and Israeli defence technology company Rafael Advanced Systems are in a $100 million joint venture order to supply 1,000 Barak-8 MRSAM missiles’ kits to state-run Bharat Dynamics.
Moneycontrol News
first published: May 17, 2021 08:47 pm

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