29 August 2012
Bangalore, August 29, 2012
– Following the signing of the Memorandum of Understanding on November 17,
2009, Navratna1 Public Sector Company, Bharat
Electronics Limited (BEL) and Thales are delighted to announce that the Boards of both
companies have approved the formation of a Joint Venture Company subject to
statutory approvals of the Government of India and the French Government. The
JVC will be dedicated to the design, development, marketing, supply and support
of civilian and select defence radars for Indian and Global markets.The parent companies aim at
making the Joint Venture Company a centre of excellence with the ability to offer
solutions specifically aimed at meeting the needs of both Indian and export
customers.
In strict
accordance with Indian regulations, Thales will hold 26% equity, the maximum
allowable holding interest by any foreign company in the defence sector, while
Bharat Electronics will hold 74 % of the stock.
Note
to editors
1. The appellation of
Navratna (in Sanskrit/Hindi meaning an ornament with nine jewels) public sector
company is an honorific title originally given to nine Public Sector
Enterprises identified by the Government of India in 1997 as "public
sector companies that have comparative advantages", giving them greater
autonomy to compete in the global market so as to "support them in their
drive to become global giants". Today the word has become synonymous with
organisational excellence (and carries in the country similar resonance to
western appellations such as ‘Blue Chip’ or even Fortune
250/500). The number of organisations carrying Navratna status has been raised
to 16, including Bharat Electronics Limited.
About
Bharat Electronics Limited (BEL)
BEL was
established in Bangalore, India, by the Government of India under the Ministry
of Defence in 1954 to meet the specialized electronic needs of the Indian defense
services. Over the years, it has grown into a multi-product, multi-technology,
multi-unit company serving the needs of customers in diverse fields in India
and abroad. BEL offers products and services in a wide spectrum of technology
like Radars, Military Communications, Naval Systems, Electronic Warfare
Systems, C4I Systems, Telecommunications, Sound and Vision Broadcasting,
Opto-Electronics, Tank Electronics, Solar Photovoltaic Systems, Embedded
Software and Electronic Components. With its expertise developed over the
years, the company also provides turnkey systems solutions. For more
information, visit www.bel-india.com
Contact
Additional General Manager
Corporate Communication
Bharat Electronics Ltd
+91 (080) 25432408
krishnaks@bel.co.in