L&T and MBDA Missile Systems Forms JV to Develop Missiles in India
Larsen & Toubro Limited (L&T), an Engineering and construction major has entered into a Joint Venture (संयुक्त उद्यम) with European defence (रक्षा) major MBDA Missile Systems on February 13, 2017. MBDA. The main aim of the JV is development of missiles in India under the Make in India
initiative while procuring(खरीद) the missile systems from abroad(विदेश) ) As per the agreement, L&T will own (अपना)51 percent stake in the JV named L&T MBDA Missile Systems while the rest 49 percent the European partner.
L&T is targeting an annual turnover of Rs 10,000 crore from the JV by 2021.
Initially, the JV will aim to develop and supply fifth generation anti-tank guided missiles (ATGM5s), missiles for coastal batteries and high speed target drones.
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