State-run Bharat Earth Movers Ltd (BEML) and Indian multinational Larson & Toubro Ltd (L&T) on Monday signed an agreement to jointly explore export markets for defence products and systems.
"The agreement is aimed at leveraging on the government's 'Make in India' initiative to add value to developing and manufacturing defence products and systems for export markets," said the city-based BEML in a statement here.
The companies will also identify areas, projects and programmes for long-term support for defence and export business.
"The Public-Private Partnership (PPP) model is the way forward to meet the growing demands of the defence industry. With experience and expertise in the defence sector, we will address the needs of the Indian market and explore export markets for defence products and systems," said BEML Chairman Deepak Kumar Hota.
BEML and L&T collaborated and partnered on co-developing and producing sub-systems involving complex technologies and advanced engineering equipment such as Sarvatra bridging systems and other vehicular platform-based systems for the Defence Ministry.
"The agreement paves the way for PPP between two industry leaders. By synergising our capabilities in system design and integration, manufacturing and marketing, we look forward to enhancing product range, evolve new products and improve business prospects," said L&T Director for Defence Jayant D. Patil in the statement.
More From This Section
--IANS
fb/vd