The two companies plan to provide solutions based on technological capabilities of Elbit Systems that are operational service for customers worldwide

Indo-Israel

Indian automotive components maker Bharat Forge  and Israeli defence contractor Elbit Systems said on Thursday, 7 February, 2013, they were forming a joint venture to supply advanced artillery and mortar systems to the Indian military.

The joint venture will offer solutions in Elbit’s Artillery Guns & Mortar segment and roll out a range of products such as the Advanced Indian Gun System, the companies said in a statement.

“The strategic cooperation between Elbit Systems and Bharat Forge and specifically the joint venture company will address Indian defence requirements with operationally proven systems from Elbit Systems that have been customized and adapted for Indian conditions and manufactured at the world class manufacturing facility for end-to-end solutions for artillery systems and armoured vehicle upgrades established by Bharat Forge recently in India,” said Baba Kalyani, Chairman and Managing director of Bharat Forge.

The joint venture company would aim at orders from the ministry of defence and other potential Indian government customers for artillery and mortar systems, the Kalyani Group owned Bharat Forge said on Thursday.

Subject to requisite government and regulatory approvals, the JV will offer solutions in artillery guns and mortars based on Elbit’s advanced products like Athos 155/52 towed gun system and the Atmos 155/52 mounted gun system.

Announcement of the intention to establish the joint venture was made at the Aero-India exhibition taking place in Bangalore, India. The financial terms and conditions of the deal were not disclosed by the two companies.

“We believe that offering innovative solutions, based on our combined vast operational experience and technological capabilities, will position the JVC as a leading supplier to the Indian Ministry of Defense and other potential Indian government customers,” said Elbit Systems Executive Vice President Bezhalel (Butzi) Machlis.

Bharat Forge shares were up 1.5 percent at Rs 227.25 on NSE in morning trade.

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