The Hindu : Business : BEL signs agreements with three Israeli firms

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Saturday, Feb 23, 2008
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BEL signs agreements with three Israeli firms

Special Correspondent

To form JV with Rafael Advanced Defense Systems

BANGALORE: Bharat Electronics Ltd. (BEL) has signed a “term sheet” and two MoUs (memoranda of understanding) with three Israeli defence companies at the DEFEXPO, the international army and navy equipment exposition, held in New Delhi between February 16 and 19. These arrangements will enable the Israeli companies to meet their offset requirements.

A release issued by the company said that its “term sheet” with Rafael Advanced Defense Systems Ltd envisages the formation of a joint venture, which is to “encourage indigenous advanced technology capabilities of missile electronics and guidance technologies.” A BEL spokesperson explained that the “term sheet” provided for a “trial period” of one year. A review would then consider whether the joint venture would proceed.

BEL has also signed two MoUs, with Israel Aerospace Ltd-Malat., which will facilitate “joint working” in the area of unmanned aerial vehicle (UAV) systems. The public sector company is to “undertake product support”, apart from manufacturing and supplying the designated sub-systems. This arrangement is meant to help the Israeli entity meet its offset obligations.

The PSU also signed an MoU with Elisra for “joint working for various airborne electronic warfare programmes for Indian defence requirement.”

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