BEL IAI AeroSystems Pvt Ltd. a joint venture between Bharat Electronics Ltd. and Israel Aerospace Industries Ltd. received approval from Ministry of Corporate Affairs for incorporation on Friday according to an exchange filing on BSE.
The Aerospace and Defence JV will be a related party of Bharat Electronics. The incorporation of the JV does not fall within the related party transaction and promoter group companies have no interest in the entity being incorporated.
The authorized share capital of the company is Rs. 8.2 crore and paid up share capital is Rs 4.1 crore.
The JV was formed to provide product support including repair and maintenance and other related activities for Medium Range Surface to Air Missile System deployed and used in India.
Shares of Bharat Electronics closed 0.50% higher at Rs 293.45 apiece on the NSE, compared to a 0.14% decline in the NSE Nifty 50.
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