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Bharat Forge JV bags $100-mn Israel defence firm order for missile kits

Bharat Forge shares were trading up 3.42% at Rs 458.35 apiece on the BSE

Press Trust of India  |  New Delhi 

Bharat Forge JV firm bags order worth USD 100 mn from Israel defence firm

Auto component major 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 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," 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.

First Published: Thu, July 11 2019. 15:15 IST