Larsen & Toubro and MBDA establish JV
Larsen & Toubro (L&T) and MBDA have set up a joint venture (JV) to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. The Joint Venture Company, named ‘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.
L&T will own 51 per cent of the Company and MBDA, 49 per cent, fully complying with India’s Foreign Direct Investment. (FDI) policy norms. The JV will be registered in India and conduct business as an Indian Company, subject to Indian laws. The JV
would focus on business opportunities in the Missiles and Missile Systems domain and target prospects under the Buy (Indian – IDDM), Buy (Indian) and Buy & Make (Indian) categories of Defence Procurement. To begin with, the JV Company will look to develop and supply fifth generation Anti-Tank Guided Missiles (ATGM5s), missiles for Coastal Batteries and high speed target drones.