The Ministry of Corporate Affairs today approved the incorporation of BEL IAI AeroSystems Pvt Ltd., a joint venture between Bharat Electronics Ltd. and Israel Aerospace Industries Ltd.
The new joint venture will provide product support, including repair and maintenance and related activities of Medium-Range Surface to Air Missile System deployed and used in India, Bharat Electronics notified through an exchange filing.
According to the company, Bharat Electronics has a 40% shareholding in the new joint venture, owning 1,64,000 shares of BE IAI AeroSystems.
On Friday, shares of Bharat Electronics Ltd. closed 1.5% higher at Rs. 291.95 on the National Stock Exchange.
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