Infrastructure major Larsen and Toubro and state-owned Bharat Electronic (BEL) entered into a pact to develop and manufacture defence products and systems for domestic and export markets.
TOI reported that the MoU seeks to leverage the capabilities of both the firms for meeting the growing requirements of the Indian Armed Forces, Larsen and Toubro (L&T) said in a statement.
As reported by TOI, the statement said that L&T and Bharat Electronics Limited (BEL) have signed a Memorandum of Understanding (MoU) to cater to the needs of evolving domestic and export markets for defence products and systems. The MoU also intends to leverage the well-developed supply chain, vast experience and expertise of BEL and L&T to synergise and enhance exports in the defence sector.
L&T informed that the decision to formalise the partnership through this MoU was made after extensive evaluation and identifying the core competencies and strong synergies between the two of them.
By harmonizing L&T’s manufacturing, system design and integration capabilities and extensive global footprint with BEL’s core competencies in electronic equipment and systems, the companies look forward to enhancing their product range, jointly evolve new products and enhance business prospects.