L&T and BEL sign MoU for defence products and systems
The MoU will cater to the needs of evolving domestic and export markets for defence products and systems.
Larsen & Toubro (L&T), India’s multinational engineering conglomerate, and Bharat Electronics Limited (BEL), a leading public sector enterprise in defence electronics and tactical systems, have signed a MoU to cater to the needs of evolving domestic and export markets for defence products and systems.
The MoU seeks to leverage the capabilities of both the firms for meeting the growing requirements of the Indian Armed Forces. The MoU also intends to leverage the well-developed supply chain, vast experience and expertise of BEL and L&T to synergize and enhance exports in the defence sector, as per BSE press release.
The decision to formalize the partnership through this MoU was made after extensive evaluation and identifying the core competencies and strong synergies between the two of them. L&T and BEL have collaborated and partnered on co-development and production of major subsystems involving complex technologies and sophisticated weapon systems such as Akash Missile launchers and other radar platforms for Indian MoD orders.
Larsen & Toubro Ltd is currently trading at Rs1,352.25 up by Rs0.85 or 0.06% from its previous closing of Rs1,351.40 on the BSE. The stock is currently trading above its 50 DMA.