Reuters logo
L&T, Europe's MBDA to form Indian missile venture
February 13, 2017 / 9:35 AM / in 8 months

L&T, Europe's MBDA to form Indian missile venture

MUMBAI (Reuters) - Indian engineering conglomerate Larsen & Toubro Ltd (L&T) and European missile maker MBDA on Monday said they have agreed to form a joint venture to build and supply missile systems for the India army.

European Defense Group MBDA's company logo is pictured in Schrobenhausen near Ingolstadt, Germany, June 25, 2015. REUTERS/Michaela Rehle/Files

The venture will be established in the first half of 2017 and will bid for new contracts under rules for indigenous defence firms, the pair said in a joint statement, calling the venture a milestone in their long-term relationship.

“L&T and MBDA have collaborated and partnered on co-development and production of major subsystems involving complex technologies and sophisticated weapon systems,” they said.

The government plans to spend $250 billion over the next decade modernising its military, in which it wants a greater role for domestic defence firms. Foreign companies seeking to bid for contracts must establish joint ventures with Indian firms, majority-owned by the latter.

L&T and MBDA said their venture will look to develop and supply fifth generation anti-tank guided missiles, missiles for coastal batteries and high-speed target drones.

Reporting by Promit Mukherjee; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below