Bharat Electronics (BEL) has signed a memorandum of understanding (MoU) with Munitions India (MIL) to jointly address the requirements of Indian Defence and export markets in the areas of ammunition, explosives and related systems.
The MoU plans at leveraging the complementary strengths and capabilities of BEL and MIL and strengthens the spirit of the Make In India initiative of Government of India, for achieving self-reliance in Defence Sector, said the company.The company added that this partnership will enable the companies to jointly address the domestic and export opportunities in the areas of ammunition, explosives and related systems and sub systems.
Munitions India is a defence public sector undertaking (DPSU) under Department of Defence Production, Ministry of Defence, Government of India. MIL is India's largest manufacturer & market leader in designing, developing and manufacturing various types of ammunition and explosives.
State-run BEL is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the Army, Navy and the Air Force. The Government of India held 51.14% stake in BEL as on 31 March 2022.
BEL reported a standalone net profit of Rs 431.49 crore in Q1 FY23, steeply higher from Rs 11.15 crore in Q1 FY22. Net sales soared 95.8% YoY to Rs 3,063.58 crore in Q1 FY23.
Shares of Bharat Electronics were up 0.14% to Rs 106.10 on the BSE.
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