12:00 AM, February 18, 2010
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Israel’s Rafael Advanced Defense Systems Ltd plans to start a joint venture in India with state-owned Bharat Electronics Ltd (BEL) to develop advanced missile systems. Israel’s Rafael Advanced Defense Systems Ltd plans to start a joint venture in India with state-owned Bharat Electronics Ltd (BEL) to develop advanced missile systems. BEL plans to use its India joint venture facility to source some locally made materials, mandatory for all overseas defence supplies and known as offsets. “This is will be our first joint venture. Part of the offsets that we have to provide in India will be in this joint venture,” said Lova Drori, executive vice-president, marketing, Rafael, in DefExpo 2010 show. BEL will hold a 74% stake in the venture and Rafael will own the rest, Drori said, adding that the companies would soon seek government approval on this. He also said that the proposed facility will eventually be scaled up to develop new technologies in missile seekers depending on the projects it can secure from India. Once approved, the factory will be located near an existing campus of BEL, which has facilities in Bangalore, Pune and Hyderabad.
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