New Delhi: The Ministry of Corporate Affairs has sanctioned the formation of "BEL IAI AeroSystems Private Limited," a joint venture between Bharat Electronics Limited and Israel Aerospace Industries. Officially approved on Friday, this joint venture aims to enhance the operational readiness of India's Medium-Range Surface to Air Missile (MRSAM) system by providing critical product support, including repair and maintenance services. Bharat Electronics holds a 40% stake in the new entity.
The collaboration is expected to drive significant technological progress in the defence sector, boosting India's self-reliance in missile systems. Although the MCA approval has been granted, the venture will still need to secure clearance from India's Ministry of Defence and Israel's Committee of Ministries for Social and Economic Affairs.
In related developments, Bharat Electronics will join the Nifty 50 index on Friday, replacing LTIMindtree and Divi's Laboratories. This inclusion in the benchmark index reflects the company's growing stature in the Indian defence and aerospace sectors.
BI Bureau
