L&T Joins Hands With MBDA To Develop Missile Systems In India
Engineering conglomerate Larsen & Toubro Ltd. (L&T) has set up a joint venture with a European private sector defence company MBDA targeted at developing and supplying missiles and missile systems to the Indian Armed Forces.
The joint venture company will be called L&T MBDA Missile Systems Ltd. and is expected to be incorporated in the first half of 2017, a media release by L&T said.
India's foreign direct investment (FDI) policy for defence mandates that L&T holds 51 percent stake, leaving MBDA to own the remaining 49 percent. L&T MBDA Missile Systems will be headquartered in India.
The JV would focus on business opportunities in the Missiles and Missile Systems domain and target prospects under the Buy(Indian – IDDM), Buy (Indian) and Buy & Make (Indian) categories of defence procurement.L&T Media Release
The company will begin by developing and supplying fifth generation anti-tank guided missiles, missiles for coastal batteries, and high speed target drones, according to the release.
Read: L&T Expects Rs 4,600-Crore Order For Field Guns By Next Month, Says AM Naik
Both companies have previously co-developed and produced weapon systems for India's Defence Ministry, which includes the MICA missile launcher used by the Indian Air Force.
Antoine Bouvier, chief executive officer of MBDA called L&T "the ideal Indian partner".
This (business strategy) has seen us involved in the transfer of technology and the production of products and components with state-owned DPSUs (Defence Public Sector Undertakings) and also with the establishment of very close partnerships with the Indian private sector including large companies and SMEs (small and medium enterprises).Antoine Bouvier, Chief Executive Officer, MBDA
MBDA is a developer and manufacturer of missiles and missiles systems. It was formed in December 2001 after France's Aerospatiale Matra-Missiles, Italy's Alenia Marconi Systems and Britain's Matra BAe Dynamics were merged into one company. It is jointly held by the AIRBUS Group (37.5 percent), BAE Systems (37.5 percent) and Leonardo (25 percent).
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