Hyderabad/Bangalore, Feb 11 (ANI/Business Wire India): Bharat Electronics Ltd (BEL) and Astra Microwave Products Ltd. today announced the signing of a Memorandum of Understanding (MoU) to form a joint venture company.
According to the terms of the MoU, the joint venture, in which Bharat Electronics will own 49 per cent equity and Astra Microwave will own 51 per cent equity, will design, develop, prototype, manufacture, and market RF and microwave products for use in defense, space, and telecommunications.
The JV is proposed to be the platform for the design, development, and manufacture of BEL's microwave intensive products.
The MoU was signed in Bangalore today by IV Sarma, Director (R andD), Bharat Electronics, and B Malla Reddy, Managing Director, Astra Microwave.
The partnership with BEL will significantly enhance Astra's delivery capabilities and market reach, said B Malla Reddy, Managing Director, Astra Microwave.
"BEL's record of excellence in advanced electronics systems goes back several decades, while Astra Microwave has firmly established itself as India's top provider of world-class RF and microwave technologies for defense, space, and telecom," said B Malla Reddy.
"We are honored that BEL has chosen Astra Microwave as its partner; the joint venture is uniquely positioned in scale and capability to meet the requirements of the niche, but potentially large, global market, for microwave intensive products," added Reddy. (ANI)