Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
10 December, 2018 03:53 IST
Larsen & Toubro, BEL sign MoU for defence products and systems
Source: IRIS | 12 Apr, 2018, 11.02AM
Comments  |  Post Comment

Larsen & Toubro (L&T), India's multinational engineering conglomerate, and Bharat Electronics (BEL), a leading public sector enterprise in defence electronics and tactical systems, have signed a Memorandum of Understanding (MoU) to cater to the needs of evolving domestic and export markets for defence products and systems.

The MoU seeks to leverage the capabilities of both the firms for meeting the growing requirements of the Indian Armed Forces. The MoU also intends to leverage the welldeveloped supply chain, vast experience and expertise of BEL (Q,N,C,F)* and L&T to synergise and enhance exports in the defence sector.

Jayant Patil, Whole-time Director (Defence) and Member of L&T Board, said, ''This MoU offers an opportunity for public-private sector partnership between two industry leaders in Defence Equipment & Systems to synergise their strengths to deliver to the Indian Armed Forces and to the export market contemporary products with high indigenous content.''

The decision to formalise the partnership through this MoU, a key milestone for both L&T and for BEL in their long-term relationship, was made after extensive evaluation and identifying the core competencies and strong synergies between the two of them. L&T and BEL have collaborated and partnered on co-development and production of major subsystems involving complex technologies and sophisticated weapon systems such as Akash Missile launchers and other radar platforms for Indian MoD orders.

L&T has been delivering a range of launcher systems, fire control systems and airframes / sub-systems for various indigenous weapon programmes as development partners and production agency to DRDO and DPSUs. By synergising L&T's manufacturing, system design & integration capabilities and extensive global footprint with BEL's core competencies in electronic equipment & systems, the companies look forward to enhancing their product range, jointly evolve new products and enhance business prospects.

Shares of the company gained Rs 1.65, or 0.12%, to trade at Rs 1,353.05. The total volume of shares traded was 11,727 at the BSE (10.47 a.m., Thursday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
HCL Tech to acquire select IBM Software products for USD 1.8 bn - 07-Dec-2018 10:08
Wipro, Alfresco expand pact to offer digital transformation capabilities - 07-Dec-2018 09:59
Indian Hume Pipe Co receives contract worth Rs 2.04 bn - 06-Dec-2018 09:50
Infosys inaugurates technology and innovation hub in Hartford - 06-Dec-2018 09:46
USFDA completes inspection of Lupin's Mandideep location - 05-Dec-2018 15:31
NTPC wins 85MW solar projects in UPNEDA's solar tender - 05-Dec-2018 15:03
Alembic Pharma gets USFDA nod for Candesartan Cilexetil tablets - 05-Dec-2018 13:05
Kridhan Infra's associate Co bags orders worth Rs 1.05 bn - 05-Dec-2018 10:06
Lupin launches generic Silodosin capsules in United States - 05-Dec-2018 09:54
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer