French aerospace and electronics major Thales has said it would partner with and form a joint venture with India’s Bharat Electronics Limited (BEL) to build civilian and defence radars.
“The JVC will be dedicated to the design, development, marketing, supply and support of civilian and select defence radars for Indian and global markets,” Thales said in a statement.
The decision by the directors of both companies to form the joint venture (JV) is subject to mandatory approvals of the respective governments. The two companies had signed a memorandum of understanding (MoU) three years ago.
Under the current Indian foreign direct investment (FDI) norms in the defence sector, the French company will hold 26 percent equity in the JV. The remaining 74 percent equity will be held by the state-run BEL.
The city-based Rs.5,700-crore BEL offers products and services such as radars, military communications, naval systems, electronic warfare systems, opto-electronics, solar photovoltaic systems, embedded software and electronic components.
As a leading aerospace and transport firm, Thales is present in 56 countries worldwide and employs about 67,000 people, including 22,500 engineers and researchers.