The Boards of Navratna1 Public Sector Company, Bharat Electronics Limited (BEL) and Thales have approved the formation of a Joint Venture Company subject to statutory approvals of the Government of India and the French Government.
The JVC will be dedicated to the design, development, marketing, supply and support of civilian and select defence radars for Indian and Global markets. The parent companies aim to make the Joint Venture Company a centre of excellence with the ability to offer solutions specifically aimed at meeting the needs of both Indian and export customers.
In strict accordance with Indian regulations, Thales will hold 26 percent equity, the maximum allowable holding interest by any foreign company in the defence sector, while Bharat Electronics will hold 74 percent of the stock.