BEL, Thales Launch JV Radar Manufacturing Company

India’s public sector unit Bharat Electronics Limited (BEL) and French defense giant Thales on Wednesday announced the launch of a joint venture . The JV Company has been created following the signing of a Memorandum of Understanding in 2009. The company will be dedicated to the design, development, marketing, supply and support of civilian and select defence radars for Indian and Global markets. The JVC Company will be formed after receiving statutory approvals from the Indian and the French Government. In strict accordance with Indian regulations, Thales will hold 26% equity, the maximum allowable holding interest by any foreign company in the defence sector, while Bharat Electronics will hold 74 % of the stock.