Indian Larsen and Toubro and European MBDA have entered in a joint venture for the development of fifth generation anti-tank guided missiles (ATGMs) in India.
L&T will own 51%in the JV;L&T MBDA Missile Systems. MBDA will own the rest 49% of the shares, PTI reported Monday.
Initially, the JV will eye to develop and supply ATGMs, missiles for coastal batteries and high speed target drones. Going forward the L&T will focus on opportunities in missile and missile systems domain, and target prospects under different categories of defence procurement which has specific requirements for design developed and manufactured in India.
The company has been in India for many years supplying to the Indian defence forces and the JV is a natural progression, MBDA CEO Antoine Bouvier said.
The JV expects to roll out the first product in the next two years. Although it hasn’t finalised on where the missile systems will be manufactured, the company has shortlisted two out of L&T’s nine facilities.
If needed, it is open to considering a new facility. MBDA is jointly owned by AIRBUS Group (37.5%), BAE Systems (37.5%) and Leonardo (25%).