Navratna PSU Bharat Electronics and French technology firm Thales on Tuesday announced that Ministry of Corporate Affairs has approved incorporation of their joint venture company, BEL-Thales Systems Limited.
"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," Bharat Electronics Chairman and Managing Director SK Sharma said in a statement.
The 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 has been already held on September 26. BEL holds a 74 percent stake while Thales holds 26 percent of the equity in the JV company.
The initial product portfolio of BEL-Thales Systems 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.
"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," Thales Managing Director in India Eric Lenseigne said.
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