Kalyani Strategic Systems Ltd. (KSSL), the defense arm of Kalyani Group and Israel Aerospace Industries, Ltd. (IAI) signed a Memorandum of Understanding (MOU) to incorporate a Joint Venture Company (JVC) in India. As part of the MOU IAI and KSSL are aiming to expand their presence in the Indian defense market and to Build, Market and Manufacture specific Air Defense Systems and Ground to Ground & Ground to Sea Munitions.
The MOU was signed in Bangalore, India, at the Aero-India exhibition by Joseph Weiss, IAI's President and CEO and Baba Kalyani, Chairman Kalyani Group.
The MOU is the first step of a process to establish a JVC between the two companies. The JVC will integrate strategic state-of-the-art defense systems for the Indian MOD in accordance with the Indian Government's 'Make in India' policy.
Baba Kalyani, Chairman Kalyani Group said "The joint venture company will combine IAI's advanced technology, knowledge and experience as an OEM with world class design, development and manufacturing capabilities of the Kalyani Group. The joint venture will provide indigenously manufactured solutions in niche technology areas of defense sector, thereby furthering the 'Make in India' initiative of the government".
Joseph Weiss, IAI's President and CEO said: "We are excited to announce the next step in our partnership in India, one of IAI's leading markets. This collaboration brings together the manufacturing and technology excellence of two leading companies and we hope we can continue with our partners at KSSL to spread our footprint in India and to continue our vast work with the 'Make in India' policy".
Rajinder Singh Bhatia, President & CEO, Defence & Aerospace, Kalyani Group said: "Kalyani Group's manufacturing competence is well suited to complement IAI's products in niche segments. Together, we shall provide the most advanced solutions to our armed forces".
Boaz Levi, Executive Vice President and General Manager of Systems, Missiles & Space Group said: "IAI's missiles and space Group has long relations in the Indian defense forces and industries and we are happy to join hands with Kalyani Group, one of India's leading companies to explore future opportunities for both countries strength".
Shares of BHARAT FORGE LTD. was last trading in BSE at Rs.1018.25 as compared to the previous close of Rs. 1038.9. The total number of shares traded during the day was 82516 in over 3712 trades.
The stock hit an intraday high of Rs. 1050 and intraday low of 1011.05. The net turnover during the day was Rs. 85105536.