Bharat Electronics signs 2 MoUs on Day 1 of Aero India 2007

Bharat Electronics Ltd has announced that on February 07, 2007, the Company signed an MoU with Elbit Systems Electro Optics ELOP Ltd, Israel, for selling up a Joint Venture Company (JVC) for co-operation in the development, production and marketing of Thermal Imaging Cameras and Forward Looking Infra Red (FLIRs) for the Indian and global markets. The JVC will develop and market products. The products will be manufactured by the Company and ELOP.

Also, the Company gave a Letter of Intent to Elbit for manufacture of Tactical Computers and Elbit gave Supply Order worth approximately US $ 0.45 million to the Company for Gun Display Unit and other accessories required for Ireland.

The Company also signed an MoU with Northrop Grumman Corporation on February 07, 2007 to explore business opportunities on potential co-production opportunities in support of the Indian government’s current and future aerospace and defence electronics requirements as well as Northrop Grumman’s international market requirements.

The MoUs were signed in ceremonies at the Aero India 2007 air show and exposition, which is taking place from February 7 to 11 at the Yelahanka Air Force Station in Bangalore.

"Our partnership with Northrop Grumman will be mutually beneficial. It will help us provide innovative and hi-tech, solutions for foreign manufacturers seeking Indian partners to meet their offset requirements. We will also provide contract manufacturing, support for Northrop Grumman," says Mr. K Prakash, General Manager (International Marketing) of the Company. "We can offer 'Build to print' as well as 'Build to spec' solutions at our nine ISO 9001 certified manufacturing facilities," he added.

The Company, the leading Indian defence electronics company which has around 95 per cent of the market share for strategic electronics in India, manufactures a wide range of cutting-edge Military Communications Systems, Radars and Sonars, Naval Systems, Telecom & Broadcast Systems, Electronic Warfare Systems, Tank Electronics, Opto Electronics, Professional Electronic Components and Solar Powered Systems.

Important visitors to the Company stall included Mr. A K Antony, Defence Minister of India, the Suriname Defence Minister along with the Army and Air Chiefs, the Malaysian defence delegation, the Air Chief of Maldives, the Air Chief of Chile and Air Force personnel of Nigeria, Myanmar and Indonesia.

The Company met with officials of Boeing, USA, to discuss possibilities for working together on offset projects. The Company also met officials of L3 Ocean Systems, USA, and Azimuth, Israel.

For the first time, the Company is selling some of its products like the Solar Lantern, Set Top Box for Free To Air Channels and Memory Stick at its outdoor display area at Aero India 2007. A special exhibition discount of 10 per cent is being offered on these products.

Source : Equity Bulls

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