Indian multinational engineering conglomerate Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with public sector enterprise Bharat Electronics (BEL) to develop defence products and systems.
Under the agreement, the two companies will help cater to the needs of growing domestic and export markets for defence products and systems across India and support the ‘Make in India’ initiative to nationalise the defence sector.
L&T has a global presence and specialises in manufacturing and system design and integration capabilities, whereas BEL has core competencies in electronic equipment and systems.
Both companies intend to make use of their capabilities in order to meet the growing requirements of the Indian Armed Forces, jointly develop new products and enhance the country’s business prospects.
L&T board member and whole-time defence director Jayant Patil said: “This MoU offers an opportunity for public-private sector partnership between two industry leaders in defence equipment and systems to synergise their strengths to deliver to the Indian Armed Forces and to the export market contemporary products with high indigenous content.”
The current agreement has been signed following a thorough evaluation of the core competencies and compatibility of the two Indian firms.
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As part of the contracts, the two companies previously teamed up to develop and produce major subsystems that involve complex technology and upgraded weapon systems such as Akash Missile launchers and other radar platforms.