“The Ideal Indian Partner”
Indian engineering conglomerate Larsen & Toubro and MBDA have formed a joint venture company, in which the respective parents will hold a 51/49% shareholding, to develop and supply missile systems to meet the growing requirements of the Indian armed forces.
L&T MBDA Missile Systems Ltd. will operate from a dedicated work centre, which will include pyrotechnical integration and final checkout facilities. It is expected to be incorporated in the first half of 2017 after necessary approvals. The formation of the company is in direct response to recognition of the growing importance of the government’s Make in India initiative and is a key milestone in the long-term relationship between the parent companies, which have already collaborated and partnered on co-development and production of major subsystems involving complex technologies. Initially, the company will seek to develop and supply fifth generation Anti-Tank Guided Missiles (ATGM5s), missiles for coastal batteries and high speed target drones, the companies stated.
A M Naik, Group Executive Chairman of L&T commented “We have been trusted partners to DRDO and the Indian Navy, delivering complete weapon systems and platforms, command control and sensor systems, designed, developed and manufactured in India for over three decades. Over this period we have worked closely with Ministry of Defence, and its different arms in jointly developing and delivering cutting-edge defence solutions”.
Antoine Bouvier, Chief Executive Officer MBDA, said “Our business strategy in India has always focused on forming partnerships at the deepest level, not just with the armed forces but also with Indian industry. This has seen us involved in the transfer of technology and the production of products and components with the state-owned DPSUs (Defence Public Sector Undertakings) and also with the establishment of very close partnerships with the Indian private sector including large companies and SMEs. The setting up of this JV is a natural progression of our partnership strategy. With L&T, I am convinced that we have found the ideal Indian partner”.