 "Bharat Forge JV bags $100-mn Israel defence firm order for missile kits")
Auto component major Bharat Forge Thursday said Kalyani Rafael Advanced Systems (KRAS) has bagged a $100 million (Rs 684 crore) contract from Israel's Rafael Advanced Defence Systems for manufacturing 1,000 BARAK-8 MRSAM missiles' kits for the Indian Army and Air Force.
KRAS is a 49:51 ratio joint venture between RAFAEL Advanced Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 per cent.
KSSL is a 51 per cent subsidiary of Bharat Forge Limited.
"Keeping with its commitment to Make-in-India', the JV partners have invested in best in class production facilities, state of the art engineering services, and extended life cycle support (MRO) for systems supplied to Indian defence force," Bharat Forge said in a regulatory filing.
KRAS is expected to ramp up its employee strength to 300 technical experts by 2023, it added.
Bharat Forge shares were trading up 3.42 per cent at Rs 458.35 apiece on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app