The new BEL, IAI joint venture will bid to support India's Medium-Range Surface-to-Air Missile, which is in service with the Indian military. (Israel Aerospace Industries)
India's Bharat Electronics Limited (BEL) has formed a joint venture (JV) with Israel Aerospace Industries (IAI) to sustain missile systems designed by the Israeli firm.
BEL said in a filing to the Bombay Stock Exchange on 27 September that the setting up of the new JV, named BEL IAI AeroSystems, was approved by India's Ministry of Corporate Affairs earlier that same month.
BEL said the JV's remit will be to provide repair and maintenance support for missiles deployed and operated in India. These missiles, it added, include the new Medium-Range Surface-to-Air Missile (MRSAM), an Indian version of IAI's Barak-8 SAM.
In August BEL's 2023–24 annual report said the company was close to finalising the JV with IAI. The annual report said the JV will provide support for weapons in India “for which the [IAI] is the main designer”.
In its filing BEL, which is headquartered in Bangalore, said it has a 40% holding of the JV comprising 164,000 shares. IAI owns the remainder. Total authorised share capital of the JV is INR82 million (USD980,000) and paid up share capital is INR41 million.
BEL and IAI jointly announced in February 2023 an intention to set up the JV. At the time, BEL said the JV would be established in New Delhi and would be positioned as a “single point of contact” delivering MRSAM support services to the Indian military.
BEL and IAI have also previously entered collaborative agreements centred on products in India including air-defence systems and unmanned aerial vehicles (UAVs).
For more information, please seeParting shot: Medium-Range Surface-to-Air Missile.
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