Kalyani Rafael Advanced Systems (KRAS) said on Thursday it has bagged a 100 million dollar (about Rs 690 crore) contract to supply 1,000 Barak-8 MRSAM missile kits for the Indian Army and Air Force.
"Rafael Executive Vice President and General Manager of the Air and Missile Defence Systems Division Brig Gen (retd) Pini Yungman presented to Kalyani Rafael Advanced Systems Ltd India (KRAS) a $100 million contract for manufacturing 1,000 BARAK-8 MRSAM missiles' kits which in turn would be supplied to BDL for further integration," it said in regulatory filings at stock exchanges.
KRAS is a 49:51 ratio joint venture between Rafael Advanced Systems and Kalyani Strategic Systems Ltd (KSSL) with the Indian partner holding 51 per cent. KSSL is a 51 per cent subsidiary of Bharat Forge Limited.
"Keeping with its commitment to the government's 'Make-in-India' initiative, the joint venture partners have invested in best-in-class production facilities, state-of-the-art engineering services, and extended life cycle support (MRO) for systems supplied to Indian defence force," KRAS said in the statement.
The company is expected to ramp up its employee strength to 300 technical experts by the year 2023.
Rafael Advanced Defence Systems has a rich history of collaboration with India's defence industries, resulting in multiple joint ventures, subsidiaries, as well as fruitful information sharing.
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These partnerships over the past two decades have led Rafael to invest over 250 million dollars in the country through its Make-in-India initiative.
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