Bharat Dynamics on Thursday announced that it has signed an Memorandum of Understanding with Tawazun Economic Council (TEC), United Arab Emirates based company for exploring new business opportunities in the field of defence.
Under the MoU, Bharat Dynamics and TEC will work together to identify different business opportunities and assess the viability and feasibility of jointly implementing business opportunities. The duo will also explore the export possibility of the products to reach out the global demands.Tawazun Economic Council (Tawazun) is the UAE defense and security acquisition authority for the UAE armed force and also manages the procurement and contract of the UAE armed forces, covering administrative, technical, contractual and functional aspects.
Bharat Dynamics (BDL) is the only company in India involved in manufacturing various types of missiles and underwater weapons for supply to the Indian Armed Forces and friendly foreign countries. The company also handles launchers, test equipment, refurbishment / life extension of missiles and counter measures systems for domestic as well as international market.
As of 31 December 2021, the Government of India held 74.93% stake in the company.
The PSU company's net profit surged 333.5% to Rs 213.26 crore on a 66.1% increase in net sales to Rs 750.12 crore in Q3 FY22 over Q3 FY21 .
Shares of Bharat Dynamics ended 0.72% lower at Rs 544.30 on Thursday.
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