Engineering conglomerate Larsen and Toubro entered into a joint venture with European defence major MBDA to develop and produce new-generation tactical missiles for the Indian armed forces.
L&T will own 51% in the JV , named `L&T MBDA Missile Systems' to be registered in India, with the European company holding 49%. The JV will initially work to develop and supply fifth-generation, anti-tank guided missiles, missiles for coastal defence batteries and high-speed target drones to the Indian forces.
L&T and MBDA, which is the world's largest exporter of missiles, have been already working together for over five years now.
The JV will bid for different military projects under the new indigenous design, development and manufacturing category of the Defence Procurement Procedure of 2016, which has been accorded top-most priority by the government to boost the country's fledgling defence-industrial base.
L&T will own 51% in the JV , named `L&T MBDA Missile Systems' to be registered in India, with the European company holding 49%. The JV will initially work to develop and supply fifth-generation, anti-tank guided missiles, missiles for coastal defence batteries and high-speed target drones to the Indian forces.
L&T and MBDA, which is the world's largest exporter of missiles, have been already working together for over five years now.
The JV will bid for different military projects under the new indigenous design, development and manufacturing category of the Defence Procurement Procedure of 2016, which has been accorded top-most priority by the government to boost the country's fledgling defence-industrial base.
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