Mahindra Defence and Bharat Electronics sign MoU
Mahindra Defence Systems and Bharat Electronics Limited (BEL) joined hands to harness the emerging opportunities in the Indian Defence sector. The two companies signed a MoU at the ongoing Defence Expo 2018 in Chennai.
Mahindra Defence and BEL have complementary strengths, since Mahindra specializes in weapons systems, while the Government controlled defence electronics manufacturer, BEL focuses on electronics and other internal hardware.
SP Shukla, Group President of Aerospace & Defence and Chairman of Mahindra Defence said that the partnership can be grown not only to meet the requirements of Indian Armed Forces but also to target exports to other friendly countries.
The Mahindra Group, on Wednesday, also announced two partnerships for its foray into new areas in the Defence business; one with Israeli company Aeronautics for naval shipborne UAVs and the other with Japan-based ShinMaywa Industries for naval seaplanes.
At 14:36 hours on Thursday, Mahindra & Mahindra was trading at Rs. 783.35 per share, down Rs 3.65 or 0.46 per cent on BSE. Whereas, Bharat Electronics was trading as Rs 147.15, up Rs. 2.20 or 1.52 per cent on BSE.