Thiruvananthapuram, Dec 5 (UNI) The BrahMos Aerospace, an Indo-Russian cruise missile venture, today signed an agreement with the State Government to take over the public sector Kerala Hitech Industries Ltd(KELTEC) here.
The KELTEC will be rechristained as BrahMos Aerospace (Thiruvananthapuram) Limited which will produce supersonic cruise missiles, besides involving the space programmes of the Indian Space Research Organisation(ISRO).
State Industries Minister Elamaram Karim said there would be an immediate investment of Rs 125 crore in the company and the employees would get a better pay package.
The unit would be formally handed over to the BrahMos in a function likely to be organised here on January one, 2008.
Defence Minister A K Antony and Chief Minister V S Achuthanandan would participate in the function.
A Sivathanu Pillai, CEO and Managing Director of Brahmos Aerospace Limited, said India was a frontrunner in the field of supersonic cruise missiles. ''Our cruise missles are the fastest in the world and the new tie-up will enable us to enhance the production to meet the requirments.'' KELTEC Managing Director G M Nair said all the existing employees would be retained in the new venture.
Mr Pillai and State Industries Principal Secretary T Balakrishnan signed the documents.