As Aerospace Diary reported on Aug 24,-here’s a press release sent today Aug 29, 2012
Following the signing of the Memorandum of Understanding on November 17, 2009, Navratna Public Sector Company, Bharat Electronics Limited (BEL) and Thales are delighted to announce that the Boards of both companies have approved the formation of a Joint Venture Company subject to statutory approvals of the Government of India and the French Government. The JVC will be dedicated to the design, development, marketing, supply and support of civilian and select defense radars for Indian and Global markets.
The parent companies aim at making the Joint Venture Company a centre of excellence with the ability to offer solutions specifically aimed at meeting the needs of both Indian and export customers.
In strict accordance with Indian regulations, Thales will hold 26% equity, the maximum allowable holding interest by any foreign company in the defence sector, while Bharat Electronics will hold 74 % of the stock.