Navratna Defence Public Sector Undertaking Bharat Electronics Limited (BEL) and Thales announce that the Ministry of Corporate Affairs, Government of India, has approved the incorporation of their joint venture company, BEL-THALES Systems Limited, in late August this year. This joint venture (JV) Company will primarily focus on the design, development, marketing, supply and support of civilian and select defence radars for India and the global markets. The first board meeting of BEL-THALES Systems Limited took place on Friday, September 26, 2014.
BEL holds a 74% stake while Thales holds 26% of the equity in the JV Company. The initial product portfolio of BEL-THALES Systems Limited will comprise innovative solutions for air surveillance, including Air Traffic Management radars, and select ground-based military radars. The ultimate objective of the JV is to expand its scope in other fields than radars, in the defence electronics domain.
BEL-THALES Systems will seek to work closely with Government laboratories and the Indian industry and will consequently become a decisive contributor for innovation in various fields of defence electronics.
Expressing his confidence in this JV, Mr S. K. Sharma, Chairman and Managing Director of BEL, said, “We have always valued our partnership with Thales. We are confident that our JV Company will benefit from the significant technology transfers and support from Thales, and from
the extensive industrial and design skills of BEL.”
Commenting on the joint venture, Mr Eric Lenseigne, Managing Director of Thales in India, said, “The incorporation of this joint venture company marks an important milestone in our 60 year-old association with BEL, and takes it to the next level. We will constantly support BEL-Thales Systems to become a centre of excellence, offering solutions specifically aimed at meeting the needs of both Indian and export customers – in line with the government’s ‘Make in India’ approach.”
New Source: BEL