Rafael and BEL agree to form JV
Rafael and BEL agree to set up JV
16 February 2008
Rafael and Bharat Electronics Ltd Agreed to Work Towards Formation of a Joint Venture at the DEFEXPO India 2008
February 16, 2008 – New Delhi
. Bharat Electronics Ltd. (BEL) Bangalore
and Rafael Advanced Defense Systems Ltd, Haifa, Israel
, signed a term sheet that will lead to the formation of a strategic JV.
The JV will encourage indigenous advanced technology capabilities of missile electronics and guidance technologies within India
and will enable Rafael to meet offset requirements by transferring valuable technologies and workshare to the JV.
Mr. V.V.R. Sastry, CMD of BEL says that, "Rafael is well-known in the international defense community, including its state-of-the-art missile systems. Setting up the JV will enable BEL to expand its portfolio to meet the growing demand of missile electronics."
V.Adm (retd.) Yedidia Yaari, President and CEO of Rafael says that "BEL is a leading player in the field of defense electronics and it will be a privilege to work together to produce indigenous high quality defense systems for India
and the international defense market."
Rafael designs, develops, manufactures and supplies a wide range of advanced defense systems. These leading edge products include naval, air and ground precision weapons, electro-optic systems, electronic warfare (EW) systems, C4I and unmanned systems, acoustic defense systems, armored protection, breaching munitions and space technologies.
Bharat Electronics Limited (BEL) was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialized electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company serving the needs of customers in diverse fields in India and abroad.