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India's L&T, Europe's MBDA to form Indian missile venture
February 13, 2017 / 9:45 AM / 10 months ago

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

MUMBAI (Reuters) - Indian engineering conglomerate Larsen & Toubro Ltd (L&T) (LART.NS) 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

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 (200 billion pounds) 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

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