Team Herald
Panjim: Bharat Electronics Ltd (BEL), one of India’s leading Defence companies under the Ministry of Defence, Government of India, and Rosoborone export (part of Rostec State Corporation) have signed a Memorandum of Understanding (MoU) today, March 29, 2016, at Defexpo India 2016, the biannual Land, Naval & Internal Homeland Security Systems Exhibition being held at Naqueri Quitol in Quepem Taluka of South Goa, India.
Under the framework of this MoU, BEL and Rosoborone export will co-operate for the joint development of various sub-systems of major Defence projects under the Offset clause of the Defence Procurement Procedure (DPP) of the Ministry of Defence, Government of India. The industrial tie-up will cater to the requirements of all the three arms of the Indian Defence forces, as well as the civilian sector.
The MoU will also give a boost to BEL’s long-standing association with Russia and will go a long way in furthering the ‘Make in India’ initiative of the Government of India.
“BEL is very happy to join hands with Rosoborone export in taking up the design and development of state-of-the-art products and systems for various strategic programmes of the Ministry of Defence, Government of India,” said P C Jain, Director (Marketing), BEL.
Rosoborone export is the only state-owned arms trade company in the Russian Federation authorised to export the full range of military and dual-purpose products, technologies and services. It is a subsidiary of Rostec Corporation. Founded on November 4, 2000, Rosoborone export is now one of the leading global exporters. Its share in Russia’s military exports exceeds 85 per cent. Rosoborone export co-operates with more than 700 organisations in the Russian Defence industry. Russia maintains military tie-ups with more than 70 countries around the world. Rosoborone export’s order book stands currently at $45 billion.
Speaking to the Herald, PC Jain said the first two days at the event was very busy with meetings with foreign oems from countries as diverse as Israel, Russia, America and France. The latest defence procurement policy meant the defence forces could not go to any country and purchase but rather with companies which had a tie-up with an Indian partner. BEL he said had large orders from African countries as well as South Asian countries. This had resulted in business of 500 crores and they hope to touch 560 crores in export orders.
The company hoped to be a $100 million company in a couple of years.
BLURB
