Astra Microwave Products announced that the company has entered into memorandum of understanding (MOU) to form a 50:50 joint venture company with Unique Broadband Systems, Canada.
The company intends to do business in the areas of UHF broadcasting, satellite up linking and medical imaging products for Indian and other regional markets specially South Asia and Russian Federation.
Astra Microwave Products is engaged in designing and manufacturing of radio frequency (RF) and microwave super components and sub-systems finding applications in defense, space and civil communication systems. The company's defense products include radar, telemetry and ground-based and surveillance.
Shares of the company gained Rs 2.1, or 1.43%, to trade at Rs 148.80. The total volume of shares traded was 223,889 at the BSE (3.33 p.m., Friday).