L&T in French JV for missile system

Tie-up with MBDA will have Indian partner as majority partner; first product likely in 2 years

 

The government’s military indigenisation plan has spawned another tie-up. Engineering and construction major Larsen & Toubro (L&T) announced a joint venture (JV) with France’s MBDA, a global leader in missile systems.

L&T said it was targeting Rs 10,000 crore in annual business from the defence segment by 2021.

It will hold 51 per cent of the equity in L&T MBDA Missile System Ltd, a company to be incorporated later this year. The JV would focus on orders under the Buy Indigenously Designed, Developed and Manufactured (IDDM) category, Buy Indian and Buy & Make Indian categories