Bharat Forge's subsidiary, Kalyani Strategic Systems (KSSL), the defense arm of Kalyani Group and Israel Aerospace Industries (IAI) have signed a new Memorandum of Understanding (MoU) addressed to expand the Joint Venture that the companies are establishing.
The new MOU covers the establishment of a maintenance center in India for Selected Advanced Air Defense Systems. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems.
Baba Kalyani, Chairman and MD, Bharat Forge, said, "In line with our Prime Minister's idea of forging a technology-based partnership with Israel, this joint venture with IAI furthers the idea of Indian government's 'Make in India' initiative and will provide world class solutions including life-cycle support to Indian defence. I also consider that it augments the group's efforts in developing and manufacturing state-of-the-art indigenous systems in niche technology areas of defence sector in India."
Shares of the company declined Rs 3.55, or 0.32%, to trade at Rs 1,107.70. The total volume of shares traded was 79,352 at the BSE (4.01 p.m., Thursday).